India's National Company Law Tribunal has approved the proposed merger between Bharti Airtel Ltd. and Telenor India.
In line with its decision, the tribunal directed the telecom operators to hold meetings of their equity shareholders and unsecured creditors in September to secure deal approval. Telenor India's two equity shareholders have already consented to the merger.
Bharti Airtel agreed in February to purchase Telenor India for an undisclosed price. The acquisition includes the Telenor ASA unit's spectrum in seven telecom circles across India, as well as the company's licenses, operations, employees and about 44 million customers, the Business Standard reported Aug. 3.
The merger deal earlier secured approvals from the Competition Commission of India, the Securities and Exchange Board of India, the Bombay Stock Exchange and the National Stock Exchange of India.