Mumbai : Bharti Airtel Ltd has received approvals from the Securities and Exchange Board of India and the stock exchanges for the merger of Telenor India Communications Pvt Ltd with itself, the former said in an exchange filing on Thursday.
In February, the New Delhi-based company had entered into a pact with Telenor South Asia Investments Pte Ltd to acquire the latter’s Indian operations valued at 300 mn Norwegian krone (around 2.4 bn rupees), reports Cogencis. Then, Telenor, which has a subscriber base of 44 mn, had said it expects to complete the sale of its Indian operations in 12 months. Bharti Airtel and Telenor India on Thursday have filed a joint application before the National Company Law Tribunal in New Delhi for the approval of the merger. The company is also awaiting the approval of Competition Commission of India. Shares of Bharti Airtel closed down 1.25% at 366.90 rupees on the National Stock Exchange.