NCLT approves transfer of Airtel's optical fibre cable biz to Telesonic Networks

The National Company Law Tribunal has approved a scheme of arrangement involving transfer of optical fibre cable business undertaking of Bharti Airtel to wholly-owned subsidiary Telesonic Networks, according to a regulatory filing.

"...National Company Law Tribunal, New Delhi, Principal Bench, vide its order dated July 02, 2019...has sanctioned the scheme of arrangement between Bharti Airtel and Telesonic Networks and their respective shareholders and creditors...for the transfer of the optical fibre cable business undertaking of Airtel and vesting of the same with Telesonic, on a going concern basis by way of a slump sale," Bharti Airtel said in a BSE filing.

The company had in November 2017 announced it plans to transfer the optical fibre cable business to Telesonic Networks for a valuation of up to Rs 5,650 crore. The optical fibre cable business of Bharti Airtel includes both underground and overground fibres.