Bharti Airtel To Acquire Tata’s Money-Losing Mobile Unit For Nothing
Bharti Airtel Ltd is acquiring the Tata conglomerate consumer mobile business virtually free of charge in a deal that gives India’s top wireless player a major subscriber base boost, while stemming the bleed for Tata from a money-losing venture.
Bharti Airtel will gain over 40 million customers from Tata Teleservices and a subsidiary along with airwaves the company's own on a “debt-free (and) cash-free” basis, according to a joint statement on Thursday, although Bharti Airtel will take on a “small portion” of Tata’s unpaid dues for its airwaves.
India’s telecoms market, with 1.2 billion mobile subscribers, is in the midst of a wave of consolidation as smaller debt-laden players seek exits after overspending in airwave auctions.
Small players and their larger rivals have also been ...