Friday, Oct 20 2017 | Time 18:02 Hrs(IST)
image
  • Tension running high following death of a youth in police firing
  • 2018 Assembly election action on in Karnataka
  • Odisha govt. seeks report from DMs on loss caused due to heavy rains
  • India-Russia military drill Indra-2017 kicks off in Vladivostok
  • President Ramnath Kovind to be chief guest at state foundation day function on Nov 15
  • US Secretary of State travels to India and several other countries this month
  • 40 pc dengue patients from TN getting treated in Pondy : CM
  • Sri Lankan shares recover from 10-day low in dull trade
  • Uber opens up Paris travel database to help city planners
  • ....
  • Spain to present measures to impose direct rule on Oct 21 :PM Rajoy
  • Depression over coastal Odisha likely to weaken gradually : MET
  • Blacklisted by Brazil, Dublin funds find new ways to invest
  • MP triple murder case: No arrests made so far
  • Pradhan launches supply of Pipe Natural Gas in Bhubaneswar
Other Share

Tata and Bharti to combine consumer Telecom Business

Tata and Bharti to combine consumer Telecom Business

Kolkata, Oct 12 (UNI) Bharti Airtel Limited (“Bharti Airtel”), India’s largest telecommunications services provider and Tata, India’s leading conglomerate, today announced that they have entered into an understanding (“Agreement”) to merge Consumer Mobile Businesses (CMB) of TTSL and TTML into Bharti Airtel. The acquisition is subject to requisite regulatory approvals, a Bharti Airtel statement here said. As part of the Agreement, Bharti Airtel will absorb Tata CMB’s operations across the country in nineteen circles (17 under TTSL and 2 under TTML). These circles represent bulk of India’s population and customer base. The proposed merger will include transfer of all the customers and assets of Tata CMB to Bharti Airtel, further augmenting Bharti Airtel’s overall customer base and network. It will also enable Bharti Airtel to further bolster its strong spectrum foot-print with the addition of 178.5 MHz spectrum (of which 71.3 MHz is liberalised) in the 850, 1800 & 2100 MHz bands. Bharti Airtel will ensure quality services to Tata CMB’s customers, while offering them the added benefits of its innovative product portfolio, access to superior voice & data services, mobile banking, VAS and domestic/ international roaming facilities. Tata CMB’s operations and services will continue as normal until the completion of the transaction. Tata and Bharti Airtel will work together to further explore other mutual areas of cooperation, that will be value accretive for both the Groups. The transaction will also provide Bharti Airtel with an indefeasible right to use (IRU) for part of the existing fibre network of Tata. The merger is being done on a debt-free cash-free basis, except for Bharti Airtel assuming a small portion of the unpaid spectrum liability of Tata’s towards the DoT, which is to be paid on deferred basis. The employees of Tata will be demerged on the lines of the two businesses i.e. CMB and EFL (Enterprise and Fixed Line and Broadband), and post an optimal manpower planning will be moved accordingly. Tata is also in initial stages of exploring combination of its Enterprise Business with Tata Communications and its Retail Fixed Line and Broadband business with Tata Sky. Any such transaction will be subject to respective boards and other requisite approvals. Tata will retain its stake in Viom, and will take care of the liabilities associated with it. Chairman of Bharti Airtel Sunil Bharti Mittal said, “This is a significant development towards further consolidation in the Indian mobile industry and reinforces our commitment to lead India’s digital revolution by offering world-class and affordable telecom services through a robust technology and solid spectrum portfolio." "On completion, the proposed acquisition will undergo seamless integration, both on the customer as well as the network side, and further strengthen our market position in several key circles. The customers of Tata will be able to enjoy India’s widest and fastest voice and data network, and bouquet of Airtel’s best-in-class products and services,” he said. “The acquisition of additional spectrum made an attractive business proposition. It will further strengthen our already solid portfolio and create substantial long term value for our shareholders given the significant synergies,” Mr Mittal added. Bharti Board which met this afternoon has approved this transaction. Chairman of Tata Sons N Chandrasekaran said, “We believe today's agreement is the best and most optimal solution for the Tata Group and its stakeholders. Finding the right home for our longstanding customers and our employees has been the priority for us. We have evaluated multiple options and are pleased to have this agreement with Bharti.” The Boards of Tata Sons, TTSL and TTML have approved this transaction. Goldman Sachs (India) Securities Private Limited is the financial advisor to Tata. UNI BM

Top News
Solicitor-General Ranjit Kumar steps down

Solicitor-General Ranjit Kumar steps down

New Delhi, Oct 20 (UNI) Citing family issues, Solicitor-General Ranjit Kumar, today resigned from his post, a source in the Law Ministry said.

see more..
   
20 Oct 2017 | 5:29 PM
Festival of Lights aftermath: Delhi air quality slides

Festival of Lights aftermath: Delhi air quality slides

New Delhi, Oct 20 (UNI) A day after Deepavali, air quality level slid to severe level from very poor in Delhi.

see more..
   
20 Oct 2017 | 5:02 PM
PM blames 'nervous' Congress for refusing his help for 2013 U'khand flash floods

PM blames 'nervous' Congress for refusing his help for 2013 U'khand flash floods

Kedarnath, Oct 20 (UNI) Blaming a 'nervous' Congress for blocking his efforts, Prime Minister Narendra Modi on Friday recalled that the UPA II Government, then in power in Uttarakhand, had refused his offer as Gujarat Chief Minister to rebuild the hill shrine of Kedarnath after the devastating 2013 flash floods in the hill state.

see more..
   
20 Oct 2017 | 5:30 PM
Home Minister to pay homage to Police Martyrs on police commemmoration day tomorrow

Home Minister to pay homage to Police Martyrs on police commemmoration day tomorrow

New Delhi, Oct 20 (UNI) Home Minister Rajnath Singh will pay homage to police martyrs here on Saturday on the occasion of police commemmoration day.

see more..
   
20 Oct 2017 | 3:44 PM
Gujarat CM Rupani, Swamy flay Chidambaram for attack on EC

Gujarat CM Rupani, Swamy flay Chidambaram for attack on EC

New Delhi, Oct 20 (UNI) The BJP on Friday slammed senior Congress leader P Chidambaram for his adverse remarks on Election Commission for delay in announcing the poll dates for Gujarat.

see more..
   
20 Oct 2017 | 4:02 PM
Rahul takes jibe at injunction on media publication for writing on Jay Shah

Rahul takes jibe at injunction on media publication for writing on Jay Shah

New Delhi, Oct 20 (UNI) Congress Vice President Rahul Gandhi on Friday took a jibe at Prime Minister Narendra Modi and the BJP on the injunction against a media publication for writing an article on an increase in assets of Amit Shah's son Jay Shah.

see more..
   
20 Oct 2017 | 5:48 PM
Investors' wealth soars by whopping Rs 25.70 lakh cr as Sensex rallies by 16.6 per cent in Samvat 2073

Investors' wealth soars by whopping Rs 25.70 lakh cr as Sensex rallies by 16.6 per cent in Samvat 2073

Mumbai, Oct 20 (UNI) The benchmark index of the Bombay Stock Exchanbge (BSE) rose by 16.

see more..
   
20 Oct 2017 | 5:56 PM
image