New Delhi, March 20 (IANS) Reliance Communications has received an approval of the Competition Commission of India (CCI) for the proposed merger with Aircel, a company statement said here on Monday.Also Read - Maharashtra: Massive Fire Breaks Out in Nutan Villa Building in Mumbai's Khar, 8 Fire Tenders Rushed To Spot
“Reliance Communications Ltd has received an approval of CCI for the proposed Scheme of Arrangement for demerger of the wireless division of the company into Aircel Limited and Dishnet Wireless Limited (the Scheme),” the statement said. Also Read - Viral Video: Elderly Woman Slips & Falls While Boarding Moving Train, Passengers Save Her | Watch
The company has already received approval from the Securities and Exchange Board of India (SEBI), BSE Limited (BSE) and National Stock Exchange of India Limited (NSE) for the proposed Scheme of Arrangement and filed an application with the National Company Law Tribunal (NCLT), Mumbai Bench, for approval of the said scheme. Also Read - Ganesh Visarjan 2021: 500 Home Guards, 275 Constables Deployed in Mumbai; BMC Issues Guidelines
The proposed transaction is subject to other necessary approvals. Post closing, Reliance Communications and the present shareholders of Aircel will hold 50 per cent each in Aircel.
This is published unedited from the IANS feed.