India’s largest telecom operator Bharti Airtel declared it got shareholder’s consent on Thursday for amalgamating with Telenor India. It is an agreement which will raise its spectrum footprint.
According to a regulatory filing by Bharti Airtel, the shareholders representing 99.98 percent holding voted in favour of the resolution. While a mere 0.02 percent voted against it.
In February 2017, the two companies had signed a contract of merger under which the Sunil Mittal conducted operator was to obtain Telenor India’s operations in seven circles that is Andhra Pradesh, Bihar, Maharashtra, Gujarat, UP (East), UP (West) and Assam.
The agreement will allow Airtel to further boost its spectrum footprint in these seven circles. Along with the addition of 43.4 MHz spectrum in the 1800 MHz band largely known as 2G spectrum. But at present, it is being used for 4G services as well.
The circles represent a high population mass and therefore and offers a high potential for growth, according to Airtel. The company has mentioned earlier that the intended acquisition would include the transfer of all of Telenor India’s assets and customers, augmenting Airtel’s overall customer base and network.
In June, the company had got permission from the Competition Commission of India (CCI), market regulator Securities and Exchange Board of India, and the stock exchanges for the contract.