The company in a filing to BSE said that pursuant to an order of the Special Bench of the National Company Law Tribunal, a meeting of equity shareholders and unsecured creditors of Bharti Airtel Limited (the Company) has been convened on September 19.
Last week, Bharti Airtel and Telenor India also filed a joint application before National Company Law Tribunal for approval of their merger following nod from the market regulator Sebi and stock exchanges -- BSE and NSE.
Airtel further stated that Telenor and Airtel have filed on Thursday the joint company application before the New Delhi Bench of National Company Law Tribunal (NCLT) for the approval of the proposed scheme of merger.
Trai reasons that these key telecom players, are already charging voice calls lower than Rs 14 paise, or the interconnect charge, which is paid by the operator on whose network the call originates to the recipient operator.
With this acquisition, Airtel will be second company, after Reliance Jio, in the country to have pan-India presence in 2300 Mhz band - which has second largest ecosystem of 4G devices.
The telecom body has warned the ministry of further erosion in the sector's financial health, sources privy to the information told CNBC-TV18.
The two top honchos, flanked by senior executives from both companies, called on the minister to discuss the details of the mega alliance, in a meeting that lasted half an hour.
Regulator TRAI today stressed the need to identify bottlenecks that make the functioning of telecom business difficult in India and listed out processes such as licence acquisition, spectrum allotment and mergers that can be reviewed.
Speaking to CNBC-TV18, Manisha Girotra of Moelis India said that India urgently needs capital and restructuring of stressed assets should be undertaken through any means possible.
CLSA feels with recent sharp correction in stock, risks related to tenancy impact due to likely Vodafone-Idea merger are overdone now. These M&A deals in telecom space would be a positive catalyst for Infratel's growth and strengthen its position in the tower space in India, it believes.
From April 1, Airtel will offer free incoming calls and SMSes while roaming across India, and there will be no extra charges on on outgoing calls and data while outstation.
S&P Global Ratings' rating on Bharti Airtel (BBB-/stable/--) is unaffected by the company's plans to acquire the India operations of Telenor ASA, it said in a statement.
The fresh round of consolidation unfolding in the Indian telecom market is likely to yield five major players ensuring "enough competition but not fragmentation of spectrum", Telecom Secretary J S Deepak said.
According to a GSMA report, India‘s telecom sector directly employs 2.2 million people and 1.8 million indirectly. Consolidation in the sector could cause nearly a third of these jobs to be shed.
On one hand, these mergers could help bigger incumbents increase their subscriber base, and provide competitive pricing but on the other hand, this is also likely to wipe off 10-15 percent of jobs in the telecom space, reports an article in Business Standard.
In an interview to CNBC-TV18, G Chokkalingam, Founder & MD of Equinomics Research & Advisory discussed fundamentals of the market and shared outlook on his top picks.
Dipen Sheth, Head-Institutional Research, HDFC Securities is confident that with the current government in power, the politics and economics will converge. So the themes that would play out over the next two years would be housing, agriculture and rural infrastructure.
The fundamentals of the market are average and may trigger a correction, Consulting Editor Udayan Mukherjee told CNBC-TV18 in an interview. In view of factors such as average fundamentals, earnings concerns and macros, the risk-reward is not favourable here on, he said.
In an interview to CNBC-TV18, Mayuresh Joshi, Fund Manager at Angel Broking shared his readings and outlook on specific stocks and sectors.
Bharti Airtel is eyeing a stake in Telenor's India business, reports The Economic Times. The deal, if it goes through, will mean Airtel will be taking on the Rs 1500 crore debt of the Norway-based company's Indian arm.
Cellular Operators Association of India (COAI) said that many of the issues fall within the ambit of bilateral commercial agreement and are best explained by individual licencees.
In a statement, Telenor India said it is implementing e-KYC based SIM activation facility across its six circles, to take customer on-boarding experience to the next level.
Airtel's 4G services in Madhya Pradesh and Chhattisgarh have been rolled out in the 1800 MHz (FD LTE) band, Airtel said in a statement.
Total number of GSM Subscriber base as of July 2016 reached 779.05 million," as per data of Cellular Operators Association of India (COAI).
The Mobile Connect services will be offered by six telecom operators - Bharti Airtel,Idea, Vodafone, Aircel, Tata Teleservices and Telenor - to over 80 crore subscribers across India.