Airtel gets high court approval for merger of 4G armtext_fields
New Delhi: Telecom major Bharti Airtel Friday said it has got approval from the Bombay High Court for amalgamating 4G spectrum holding firm Airtel Broadband Services with the company.
The court on April 11, 2014 has approved the scheme of the amalgamation of Airtel Broadband Services (ABSPL), formerly known as Wireless Business Services Pvt Ltd a wholly owned subsidiary with the company, Bharti Airtel said in a filing to the BSE.
Airtel, in October 2013, acquired fully Wireless Business Services (WBSPL), a company founded by US chipmaker Qualcomm, by purchasing the rest 51 per cent stake for an estimated cost of about Rs 1,000 crore.
This company was later named as Airtel Broadband Services.
The telecom major had acquired a 49 per cent stake in WBSPL in May 2012 for USD 165 million.
ABSPL has spectrum that can be used for high-speed 4G services in New Delhi, Mumbai, Haryana and Kerala. Airtel has the similar spectrum in Punjab, Maharashtra, Kolkata and Karnataka.
Airtel has already launched 4G services in Bangalore, Pune, Kolkata, Chandigarh, Mohali and Panchkula.
Shares of the Airtel closed at Rs 321.1 a piece, up by 0.45 per cent, at BSE today.