Reliance Communications (RCOM) has received permission (pdf) for its merger with Sistema Shyam Teleservices Limited (SSTL), which operates as MTS in India, from the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE). RCOM mentions that the companies will file applications with the Bombay High Court and Rajasthan High Court for the approval of the scheme. The merger was first announced in November, under which MTS would hold 10% equity stake in Reliance Communications. With this, the new entity will acquire 9 million of MTS’ customers and 800 / 850 MHz band spectrum. At the time, the company said that this would extend the validity of RCOM’s spectrum in 800 / 850 MHz band in 8 important circles by a period of 12 years from 2021 till 2033. Gurdeep Singh, CEO of consumer business of Reliance Communications had said…
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