SME Times News Bureau | 20 Mar, 2017
Reliance Communications has received an approval of the Competition Commission of India (CCI) for the proposed merger with Aircel, a company statement said here on Monday.
"Reliance Communications Ltd has received an approval of CCI for the proposed Scheme of Arrangement for demerger of the wireless division of the company into Aircel Limited and Dishnet Wireless Limited (the Scheme)," the statement said.
The company has already received approval from the Securities and Exchange Board of India (SEBI), BSE Limited (BSE) and National Stock Exchange of India Limited (NSE) for the proposed Scheme of Arrangement and filed an application with the National Company Law Tribunal (NCLT), Mumbai Bench, for approval of the said scheme.
The proposed transaction is subject to other necessary approvals. Post closing, Reliance Communications and the present shareholders of Aircel will hold 50 percent each in Aircel.
