On Monday, Reliance Communication has announced that it has received a approval from the Competition Commission of India (CCI) for spinoff of its wireless division in Aircel Ltd and Dishnet Wireless Ltd.
In its regulatory filing the company said that “Reliance communication Ltd has received the approval from Competition Commission of India for the proposed scheme of arrangements for the separation of the company’s wireless division into Aircel Ltd and Dishnet Wireless Ltd.”
Last year, Both the companies Reliance Communications and Aircel Ltd has announced the merger of their wireless operations to create a combined company with the assets valuation of Rs 65,000 crore.
By closing the message, Reliance Communications said “the company and the current shareholders will hold the 50% of shares in Aircel Ltd.”
The company has already gets an approval from the Securities and Exchange Board of India (SEBI), the stock exchanges BSE and NSE in the transaction and has applied to the National Judicial Tribunal of Corporate Affairs (NCLT).
Reliance Communications has today introduced its new plan, which will give 1 GB of data to new 4G customers for 49 rupees, while 3 GB will cost 149 rupees plus free unlimited local and STD calls within its network.
“This deal will lead to a reduction in Reliance Communications debt by Rs 20,000 million (US $3 billion), while Aircel Ltd debt will decrease by Rs 4,000 million (US $600 million) after closing in 2017″, as both the companies stated last year.
At the moment the share of Reliance Communications were trading at Rs 37.95 a drop down by 0.78% on BSE.
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