According to sources, the NCLT has also allowed Reliance Communications' (RCOM) tower arm's 51 per cent stake sale to Brookfield for Rs 11,000 crore.
RCOM and Aircel had signed a definitive document for a proposed merger scheme of their respective wireless businesses on September 14, 2016. Subsequently, the two telecom operators moved all the relevant statutory and regulatory bodies for approval of the merger scheme. The Competition Commission of India gave its approval to the merger scheme in February 2017.
The two transactions will bring down RCOM debt by Rs 25,000 crore, or 60 per cent.
Sources said the merger scheme before the NCLT-Mumbai Bench will see the final order being passed on September 13, 2017.
(This story has not been edited by Social News XYZ staff and is auto-generated from a syndicated feed.)
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Doraiah Chowdary Vundavally is a Software engineer at VTech . He is the news editor of SocialNews.XYZ and Freelance writer-contributes Telugu and English Columns on Films, Politics, and Gossips. He is the primary contributor for South Cinema Section of SocialNews.XYZ. His mission is to help to develop SocialNews.XYZ into a News website that has no bias or judgement towards any.