Daily Current Affairs 2021 Airtel to acquire Tata's mobile business | Daily Current Affairs 2021

Airtel to acquire Tata’s mobile business

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Bharti Airtel will be acquiring Tata’s telecom businesses Tata Teleservices and Tata Teleservices Maharashtra. The Airtel-Tata merger will be debt-free and cash-free basis.
Speaking on the development, the chairman of the Bharti Group, Sunil Mittal said, ‘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’.
TTSL has seen a major fall in its net worth by over Rs 11,600 crore in FY17, and losses increase from Rs 2,409 crore to Rs 4,617 crore year-on-year basis. Apart from this, the revenues of the company were down by about 10 per cent to under Rs 10,000 crore. This was probably one of the key reasons for the merger.

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