Telecom Department sanctions merger of TTSL and Bharti Airtel
The Telecom Department has sanctioned the merger of TTSL (Tata Teleservices Limited) consumer mobility business with Bharti Airtel, subject to the condition that Sunil Mittalled firm provides bank guarantees of about Rs. 7,200 crore. The contract is mostly associated with one-time spectrum charges (OTSC) and some deferred airwave charges. Manoj Sinha, telecom minster has conditionally approved the merger and that letters mentioning the guarantees were sent to TTSL Limited and its listed unit Tata Teleservices Maharashtra.