NCLT clears Airtel-Hughes VSAT satellite operations' merger
The National Company Law Tribunal (NCLT) has approved the merger of VSAT (very small aperture terminal) satellite operations of Bharti Airtel Ltd with Hughes Communications India Ltd and its subsidiary HCIL Comtel Pvt Ltd.
The NCLT's principal bench, through its order dated March 23, sanctioned the composite scheme of arrangement between Bharti Airtel Ltd, Bharti Airtel Services Ltd, Hughes Communications India Private Ltd and HCIL Comtel Private Ltd, Airtel said in a regulatory filing.
In May 2019, Airtel and HCIL said they will combine their VSAT satellite operations in the country, with Hughes holding a majority stake in the merged entity.
Shares of Bharti Airtel on the BSE closed at Rs 508, lower by Rs 15.60, or 2.98 per cent, from its previous close.