Bharti Airtel said on Tuesday that the principal bench of the National Company Law Tribunal (NCLT) has approved the merger of Tikona Digital with it.
Bharti Airtel said on Tuesday that the principal bench of the National Company Law Tribunal (NCLT) has approved the merger of Tikona Digital with it. “NCLT, New Delhi, Principal Bench vide its order dated July 04, 2018, has subject to the approval of DoT, sanctioned the scheme of arrangement between Bharti Airtel and Bharti Digital Networks (formerly known as Tikona Digital Networks) and their respective shareholders and creditors under Sections 230 to 232 of the Companies Act, 2013,” Bharti told stock exchanges.
In March 2017, Bharti had announced that it will acquire the broadband wireless access (BWA) business of Tikona Digital for Rs 1,600 crore. With this, Bharti will get access to Tikona’s BWA spectrum in 2300 MHz in five circles of Gujarat, UP (East), UP (West), Rajasthan and Himachal Pradesh. Tikona has 20 MHz spectrum in the 2300 MHz band in these circles, which can be used for high-speed 4G data services. With this acquisition, Bharti has filled the gaps in its spectrum portfolio and now like Reliance Jio has a pan-India spectrum in 2300 MHz band.
Earlier, it did not have spectrum in this band in three circles – Rajasthan, UP (East) and UP (West). In Gujarat and Himachal Pradesh, its holding of this spectrum would now increase to 30 MHz. With the completion of this transaction, Bharti will have 30 MHz spectrum in the 2300 MHz band in 13 of the 22 circles. In the remaining nine, it will have 20 MHz, thus its 4G data services would hugely get strengthened.