This had prompted Bharti Airtel to acquire the Indian business of Norway's Telenor ASA earlier this year and Vodafone Group Plc's India unit to merge with Aditya Birla Group company Idea Cellular Ltd.
Businesses (CMB) of TTSL and TTML into Bharti Airtel.
As part of the agreement, Bharti Airtel will absorb Consumer Mobile Businesses (CMB) of TTSL and TTML across the country in 19 circles (17 under TTSL and two under TTML).
Even 70-80 per cent of the Rs 9,000-10,000 crore deferred payments for spectrum that TTSL holds, will be paid by Tatas.
The development marks another consolidation in a sector that has been going through a turbulent period ever since billionaire Mukesh Ambani's Reliance Jio Infocomm Ltd started operations a year ago.
The announcement of the merger was made on Thursday. But it also gets 40 million additional customers to the fold. This comes after 4 months of continuous talks between the two companies and finally, N Chandrasekaran, the head at Tata Sons can look to focus on other verticals of Tata Sons as the telecom business was one of the loss-making verticals of the Tata Sons.
In its statement, Tata also said that it is in initial stages of exploring the opportunity of merging its Enterprise Business with Tata Communications, and, its Retail Fixed Line and Broadband business with Tata Sky.
It added that its Board met today and has instructed the management to appoint independent advisors to "evaluate the strategic fit as well as the financial merits of the potential transaction". The merger will be debt-free and cash-free, which implies that Airtel won't be adding any significant liabilities in the deal.
Apart from that, this agreement also gives Airtel the right to use Tata's existing fibre network.
The 19 circles coming to Bharti "represent bulk of India's population and customer base", it said.
Tata and Bharti Airtel will work together to further explore other mutual areas of cooperation, that will be value accretive for both the groups.
"This is a significant development towards further consolidation in the Indian mobile industry and reinforces our commitment to lead India?s digital revolution by offering world-class and affordable telecom services through a robust technology and solid spectrum portfolio", said Sunil Mittal, chairman of Bharti Airtel.
Goldman Sachs (India) Securities Private Limited is financial adviser to Tata.
Wenger admits he club's have to accept the decision, but has warned Sky Sports that there should be no kick-off before 2pm. The proposal was met by fierce criticism in light of the difficulties of travelling to and from London on Christmas Eve.
Vaani had caught the industry's attention not only with her acting abilities but also with her outstanding dancing skills. Ever since her last film Befikre tanked at the box office, Vaani Kapoor has been keeping a low profile.
Noida Police alleged that Rajesh had committed the twin murders after finding Aarushi and Hemraj in an "objectionable" position. The CBI said that it is waiting for a copy of the judgment and after going through it would move the Supreme Court in appeal.
Economists surveyed by Reuters had forecast 2.4% growth in output compared with a revised 0.9% year-on-year increase in July. Rate of price rise in pulses continued with deflationary trend at (-) 22.51 per cent and eggs prices fell by 0.15 per cent.
The Pakistan Army recovered five abducted foreigners kidnapped by terrorists in 2012 after an operation, it emerged on Thursday. They last were seen in a hostage video taken in December 2016 begging their governments to save them.
Tagbo Umeike, friend of Nigerian entertainer, Davido died from suffocation, the police in Lagos has said. The self-acclaimed Omo Baba Olowo (OBO) expressed his opinion on the allegations, via social media.
The average twelve-month price target among brokerages that have issued ratings on the stock in the previous year is $489.29. It has outperformed by 0.70% the S&P500.The move comes after 5 months negative chart setup for the $48.31 billion company.
Analysts say by essentially establishing an online allowance, Amazon has found a way to lure in the next generation of consumers. Notably, kids can also access their parents' Prime membership at no extra cost as part of this setup.
Commenting on the results, Stephen Clarke, Group Chief Executive, said: "We have delivered a good performance across the Group. Shares in the stationary and books supplier fell 2.2% to 2,025p in early trading before recovering slightly to 2,062p.
The firm has a market capitalization of $15.25 billion, a price-to-earnings ratio of 19.87 and a beta of 0.80. The Firm is engaged in developing, manufacturing, marketing and selling medical devices and services.
The names of the victims are not being released at this time pending positive identification and notification of next of kin. Agents from Ohio Bureau of Criminal Investigation & Identification are on the scene processing and collecting evidence.
Inter Milan and Juventus eye summer move for Olivier Giroud
Arsenal brought in £52m striker Alexandre Lacazette , meaning Giroud has been demoted to the bench for most of the season. During his time at the club, he has won the FA Cup three times, and scored a century of goals in 237 appearances.
TCS Q2 net profit down 2.1% to Rs 6446 crore
During the quarter, TCS saw its IT attrition rate come down by 0.3% sequentially to 11.3 per cent. The company has fixed October 26 as the record date for payment of dividend.
Lamarr Houston, Texans Reportedly Agree to Contract
In his first five seasons , 2011-2015, he started all 85 games the Texans played, including five post-season contests. They've had to come back from injuries, they've had to come back and play at a high level.
Low-priced carrier Southwest to launch service to Hawaii
The airline is expected to bring its low-fare, bags-fly-free, no-fee model to the marketplace. "You can count on that", he said. The airline will need to obtain approval for Extended Operations (ETOPS) before they are able to embark on these new flights.
Warm with chance of scattered showers
This impressive summerlike warmth will continue for another day, before we get a taste of fall for the end of the workweek. Friday afternoon a cold front slows and comes to a halt to our northwest, that will allow for more clouds by Friday night.