Update: On September 30th, Rajasthan HC approved the merger deal between RCOM and Sistema Shyam Teleservices Limited (SSTL), RCOM informed in a BSE filing. The deal is pending for sanction before the Bombay HC, Earlier: In March, Shareholders of Sistema Shyam Teleservices (SSTL), which owns the MTS brand in India have approved the merger of the company with Reliance Communications (RCOM) in a meeting convened by the Rajasthan High Court, reports Money Control. The company confirmed this to MediaNama and a spokesperson from SSTL told MediaNama that this was done through a voting system. However, a formal declaration will be made publicly after all the votes have been counted. The deal between RCom and SSTL is valued at around $690 million (~Rs 4,500 crore). Deal gets nod from regulators Note that earlier in January the BSE and NSE had both approved the merger deal following which in February, the Competition Commission of India and too had approved the merger deal. RCOM’s board members also gave a nod regarding the same in this month. It needs further approval from the Rajasthan and Bombay High Court after which RCom is expected to approach the DoT with further filings. The merger deal 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…
- RBI increases UPI and recurring transaction limits for certain categories December 8, 2023
- The Quantum Hub discusses concerns on age verification and children’s data processing under India’s data protection law December 8, 2023
- India’s central bank to set up cloud facility for financial sector December 8, 2023
- Navigating the Complexities of Open Source AI: Insights from Carnegie India Summit December 8, 2023
- Supreme Court Dismisses Plea by Foundation for Media Professionals on Internet Shutdowns December 8, 2023
MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.
Factors like Indus not charging developers any commission for in-app payments and antitrust orders issued by India's competition regulator against Google could contribute to...
Is open-sourcing of AI, and the use cases that come with it, a good starting point to discuss the responsibility and liability of AI?...
RBI Deputy Governor Rabi Shankar called for self-regulation in the fintech sector, but here's why we disagree with his stance.
Straw man fallacy: IT Ministers’ defence of government exemptions in data protection law misses the point
Both the IT Minister and the IT Minister of State have chosen to avoid the actual concerns raised, and have instead defended against lesser...
The Central Board of Film Certification found power outside the Cinematograph Act and came to be known as the Censor Board. Are OTT self-regulating...
Please subscribe to MediaNama. Don't share prints and PDFs.
You May Also Like
Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...
135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...
Twitter takes down tweets from MP, MLA, editor criticising handling of pandemic upon government request
By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...