Bharti Airtel, Tata Tele say merger complete; DoT yet to formally clear

Tata TeleservicesNSE 3.95 % (TTSL) and its unit on Monday completed the merger of their consumer business with that of Bharti AirtelNSE 1.03 % and unit Bharti Hexacom, nearly two years after the announcement, transferring their assets, spectrum and some related debt to the Sunil Mittal-promoted carrier and concluding what was the last big-ticket M&A in the stressed sector.

“Following the Hon’ble TDSAT’s order directing the DoT (Department of Telecommunications) to take the merger on record and approval of the schemes of arrangement by Hon’ble NCLT, Delhi and Hon’ble NCLT, Mumbai, we are pleased to announce that the schemes of arrangement have become effective today July 1, 2019,” the two sides said in a joint statement Monday.