CCI approves Airtel's acquisition of additional stake in its DTH division
The Competition Commission of India (CCI) has given approval to Bharti Airtel's purchase of an additional 20% stake in its direct-to-home (DTH) subsidiary, Bharti Telemedia from a Warburg Pincus affiliate based in New York, as per new report.
CCI is now anticipated to release a comprehensive public order regarding the transaction shortly. Although the transaction originated in 2021, in August 2023, the CCI imposed a fine of Rs 1 crore on Airtel for finalising the deal without prior notification.
Bharti Airtel has requested for an approval from CCI in October 2023. This transaction also included Lion Meadow Investment, an affiliate of Warburg Pincus, acquiring a stake in Bharti Airtel. Recently, the CCI granted approval for the transaction.
The telecom major in its application to the CCI has stated that the transaction is a consolidation of intra-group shareholding and does not signify any alteration in market dynamics, nor does it involve the entry, exit, or change in management of the business operations of BTL.
With this purchase of the stake, the ownership of Bharti Airtel in Bharti Telemedia will be 100%.
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