M&A: Tata & Bharti

In the ongoing M&A in the telecom sector, Bharti Airtel and Tata, entered into an agreement to merge Consumer Mobile Businesses (CMB) of Tata Teleservices Ltd (TTSL) and Tata Teleservices (Maharashtra) Ltd (TTML) into Bharti Airtel. 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 the DoT, which is to be paid on a deferred basis.