Reliance Communications has received approval of the Competition Commission of India (CCI) for the demerger of its wireless division into Aircel Ltd. and Dishnet Wireless Ltd. Reliance Communications and Aircel in September last year announced the merger of their wireless operations to create a combined entity with assets worth 65,000 crore.
Post-closing, the company and the present shareholders of Aircel Ltd. will hold 50 percent each in Aircel Ltd.
The company has already received approval from the Securities and Exchange Board of India, stock exchanges BSE and NSE for the deal, and has filed an application with the National Company Law Tribunal (NCLT) for the same. The transaction will reduce RCom's debt by 20,000 crore, while Aircel's debt would go down by
4000 crore on closing in 2017.