Shareholders of Bharti Airtel Friday approved the merger of the mobile business of Tata Teleservices (Maharashtra) with the company. The "proposed scheme of arrangement between Tata Teleservices (Maharashtra) Limited and Bharti Airtel Limited and their respective shareholders and creditors" was approved with over 99 per cent votes, the company said in a BSE filing.
The meeting was convened by Airtel following direction of the principal bench of the National Company Law Tribunal, at New Delhi.
Debt-ridden loss making firm Tata Teleservices and Bharti Airtel had announced the merger last year. The deal is on a no-debt, no-cash basis, implying Airtel is not taking over any of the about Rs 40,000 crore debt of Tata Teleservices and is neither paying any cash.
The deal, subject to regulatory approvals, will see over 40 million customers of Tata Teleservices (TTSL) and Tata Teleservices Maharashtra (TTML) joining Bharti Airtel and mark further consolidation in one of the world's largest telecom markets.