Home
Telecom
Telecom News
Bharti Airtel board approves merger of broadband services subsidiary

Bharti Airtel board approves merger of broadband services subsidiary

By Press Trust of India | Updated: 24 October 2013 15:47 IST

Click Here to Add Gadgets360 As A Trusted Source

Telecom major Bharti Airtel Thursday said its board approved the merger of wholly owned subsidiary Airtel Broadband Services with itself.

The amalgamation will be subject to approvals, including clearances from high courts, if any, the company said in a filing to the BSE.

"the Board of Directors of the company has approved the scheme of amalgamation of Airtel Broadband Services Private Limited (formerly known as Wireless Business Services Private Limited), a wholly owned subsidiary, with the company," it said.

Airtel Discussion

Explore More...

Bharti Airtel recently acquired a 100 percent stake in Wireless Business Services (WBSPL), a company founded by US chipmaker Qualcomm. Subsequent to the acquisition, the company was renamed Airtel Broadband Services.

Airtel had bought a 49 percent stake in WBSPL in May 2012 for USD 165 million. The company increased its stake in WBSPL to 51 percent in July.

WBSPL has spectrum that can be used for high-speed 4G services in New Delhi, Mumbai, Haryana and Kerala. Airtel has similar spectrum in Punjab, Maharashtra, Kolkata and Karnataka.

Airtel has already launched 4G services in Bangalore, Pune, Kolkata, Chandigarh, Mohali and Panchkula.

Airtel shares traded at Rs. 352.35, up 1.25 percent, in the afternoon session on the BSE.

Comments

Get your daily dose of tech news, reviews, and insights, in under 80 characters on Gadgets 360 Turbo. Connect with fellow tech lovers on our Forum. Follow us on X, Facebook, WhatsApp, Threads and Google News for instant updates. Catch all the action on our YouTube channel.