NCLT clears Airtel fibre business demerger

The National Company Law Appellate Tribunal (NCLT) has approved the scheme of demerger, as part of which Bharti Airtel has transferred its optical fibre cable (OFC) business into a separate subsidiary named Telesonic Networks Ltd.

The shareholders and creditors of Airtel had earlier approved the demerger proposal. As part of the scheme of arrangement, Airtel shall transfer its OFC business for a lump sum cash consideration of Rs 4,564.70 crore.