Tata Communications to explore the possibilities of acquiring Tata Teleservices

Tata Communications to explore the possibilities of acquiring Tata Teleservices

Tata Communications to explore the possibilities of acquiring Tata Teleservices

"The merger is being done on a debt-free cash-free basis, except for Bharti Airtel assuming a small portion of the unpaid spectrum liability of Tata's towards the Department of Telecom, which is to be paid on deferred basis", the statements said. Bharti Airtel will also bolster its strong spectrum footprint with the addition of 178.5 Megahertz spectrum of Tata telecom ventures and its fiber network.

Indian global telecommunications services Bharti Airtel will soon acquire the mobile business operations of Tata Teleservices.

Tata Teleservices, which has more than $5 billion of debt, has been mired in losses and it had been speculated that the group may opt to permanently shutter the operation. Once Vodafone merges with Idea, they will be the leader in the telecom business.

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Bharti Airtel and the Tata Group have entered into an agreement to merge the Consumer Mobile Businesses (CMB) of Tata Teleservices Limited (TTSL) and Tata Teleservices Maharashtra Limited (TTML) into Airtel, the company informed the BSE. In the consolidation phase, only the biggest telecom companies would be able to survive in the market. The merger will be debt-free and cash-free, which implies that Airtel won't be adding any significant liabilities in the deal.

As of end-March, Tata Teleservices and its unit had combined debt of Rs 34,089 crore ($5.24 billion) excluding sums due to the government for spectrum purchases, according to local ratings agency Crisil, which also said Tata Teleservices' net loss almost doubled in the year to March, to Rs 4,617 crore.

NTT Docomo would not have exited from India if Tata Teleservices was a profit making business and did not put pressure on its financials in Japan. N Chandrasekaran, who built the $17.5 billion Tata Consultancy Services (TCS), knows what TTSL can be in the next 10 years under the fold of Tata Sons without additional investment programs.

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Tata and Bharti Airtel will work together to further explore other mutual areas of cooperation, noted Bharti Airtel in the news release.

Its parent, salt-to-software conglomerate Tata Group, is also in the middle of a restructuring exercise to improve profitability and cut its complex structure under its new chairman N. Chandrasekaran. The team of Bharti Airtel is said to be discussing the deal internally and might announce it officially later today or tomorrow. Not only does Airtel get access to 40 million subscribers, it also gets access to valuable spectrum in 3G and 4G bands for practically zero cost.

In the span of a year, Reliance Jio has managed to corner 128.58 million customers and become the fourth largest telecom company by market share after Bharti Airtel, Vodafone and Idea Cellular.

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