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TTSL News
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However, Reserve Bank of India had objected to the transfer which was later rejected by the Delhi High Court in April, thus clearing the decks for the Tatas to pay over USD 1.18 billion to the Japanese firm.
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India`s telecoms market has seen rapid consolidation since the entrance of Reliance Jio Infocomm Ltd sparked a price war.
In February, Airtel absorbed Telenor's operations in seven circles -- Andhra Pradesh, Bihar, Maharashtra, Gujarat, UP (East), UP (West) and Assam in a similar no cash deal.
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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 DoT, which is to be paid on deferred basis, the statement added.
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Tata Group has told CCI that the proposed transaction will not affect or change the competitive landscape of the telecommunications market in India.
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Japanese telecom firm NTT DoCoMo hopes that the RBI will not create any more obstacle in enforcement of the USD 1.17-billion award by the Tata Group as approved by the Delhi High Court to settle a 3-year old dispute between the estranged partners.
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The Delhi High Court on Wednesday reserved its verdict on Japanese telecom major NTT Docomo's plea to enforce the USD 1.17 billion damages awarded to it for breach of contract by Tata Sons with regard to their joint venture TTSL.
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