Swipe through the latest business and wealth clues with our android app

Airtel-Telenor deal may hit roadblock

Bharti Airtel’s acquisition of Telenor India may hit roadblocks, as Telenor India is considering filing for bankruptcy protection amid mounting daily losses and a tussle over a bank guarantee poised to delay government approval of the deal. The acquisition plan, announced in February 2017, has not closed and is well past the 12-month closure timeline expected by the two companies. The Department of Telecommunications (DoT) is likely to move the Supreme Court this week against a telecom tribunal order that told the government to clear the deal without having Bharti Airtel submit a bank guarantee for about Rs 1,700 crore. Amidst this tussle, Telenor India is racking up losses of Rs 4 crore daily from operations in six circles, adding to its present debt of almost Rs 6,000 crore, forcing it to consider filing for bankruptcy under the Insolvency and Bankruptcy Code.

Read More at The Economic Times News date : 24 Apr 2018, Tuesday

©2019 TheNewsClues