Telecom major
Bharti AirtelBSE 0.70 % today said it has got approval from the Bombay High
court for amalgamating 4G spectrum holding firm Airtel Broadband Services with
the company.
The court on April 11, 2014 has approved the
scheme of the amalgamation of Airtel Broadband Services (ABSPL), formerly known
as Wireless Business Services Pvt Ltd a wholly owned subsidiary with the
company, Bharti Airtel said in a filing to the BSE.
Airtel, in October 2013, acquired fully Wireless
Business Services (WBSPL), a company founded by US chipmaker Qualcomm, by
purchasing the rest 51 per cent stake for an estimated cost of about Rs 1,000
crore.
This company was later named as Airtel Broadband
Services. The telecom major had acquired a 49 per cent stake in WBSPL in May
2012 for USD 165 million.
ABSPL has spectrum that can be used for
high-speed 4G services in New Delhi, Mumbai, Haryana and Kerala. Airtel has the
similar spectrum in Punjab, Maharashtra, Kolkata and Karnataka.
Airtel has already launched 4G services in
Bangalore, Pune, Kolkata, Chandigarh, Mohali and Panchkula.
Shares of the Airtel closed at Rs 321.1 a piece,
up by 0.45 per cent, at BSE today. (Source – ET)