In what is being interpreted as a major breakthrough in terms of alliances in the telecom sector, Tata Teleservices is likely to sell its wireless mobile business to Bharti Airtel, according to industry sources. Clearly, this will mark an important milestone opening up many avenues rich with potential in the future, when it comes to direct-to-home television. telecom and overseas cable services.
It is widely known that Tata Teleservices has been suffering heavy losses in its wireless mobile business. Bharti Airtel will net around 40 million customers in this deal, it is being speculated.
Sources say that Bharti is also likely to shoulder some of Tata's spectrum liability amounting to nearly Rs 10,000 crores. The Bharti board is slated to make an announcement later this evening, after its Board meeting. As part of the agreement, Bharti Airtel will absorb consumer mobile businesses (CMB) of TTSL and TTML across the country.
"This is a significant development towards further consolidation in the Indian mobile industry and reinforces our commitment to lead India's digital revolution by offering world-class and affordable telecom services through a robust technology and solid spectrum portfolio," said Bharti Airtel Chairman Sunil Bharti Mittal.
At a meeting on Thursday afternoon, the Bharti Board, has okayed this transaction. The Boards of Tata Sons, TTSL and TTML, too, have given their approval.