The Department of Telecom (DoT) approved for the merger of Tata Teleservices (TTSL) with Bharti Airtel, subject to the condition that the Sunil Bharti Mittal-led firm furnishes Rs.7,200 crore worth bank guarantee. Both the companies are expected to submit an undertaking on matters related to court cases before the merger is taken on record. The merger will be taken on record after Airtel submits the bank guarantee of about Rs.6,000 crore for one-time spectrum charges and another Rs.1,200 crore for the spectrum that would be acquired from TTSL.
