Reliance Communications has received an approval of the Competition Commission of India (CCI) for the proposed demerger of the wireless division of the company into Aircel.
The Anil Ambani-promoted telecom company has already received approval from the Securities and Exchange Board of India (SEBI), BSE (BSE) and National Stock Exchange of India (NSE) for the proposed merger.
Reliance Communications has filed an application with the National Company Law Tribunal (NCLT), Mumbai Bench, for approval of the merger. The proposed transaction is subject to other necessary approvals. Post closing, Reliance Communications and the present shareholders of Aircel will hold 50 each in Aircel.