The National Company Law Tribunal (NCLT) has sanctioned a 'scheme of arrangement' between Bharti Airtel, Bharti Airtel Services, Hughes Communications India and HCIL Comtel, according to a regulatory filing.
In May 2019, telecom operator Bharti Airtel and Hughes Communications India Ltd (HCIL) had said they will combine their VSAT satellite operations in the country, with Hughes holding a majority stake in the merged entity.
Very Small Aperture Terminal (VSAT) is used to provide satellite based telecom and internet access to individuals and enterprise users, and is utilised extensively by banks and ATMs.
In a BSE filing on Thursday, Airtel said: "NCLT, New Delhi, Principal Bench has, vide its order dated March 23, 2021...subject to the applicable sectoral approvals, sanctioned the composite scheme of arrangement between Bharti Airtel Ltd, Bharti Airtel Services Ltd, Hughes Communications India Pvt Ltd and HCIL Comtel Pvt Ltd and their respective shareholders and creditors."
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