The National Company Law Tribunal (NCLT) has cleared the Composite Scheme of arrangement between Bharti Airtel Limited, Bharti Airtel Services Limited, Hughes Communications India Private Limited and HCIL Comtel Private Limited, the telco major said in a regulatory filing on Thursday.
In May 2019, telecom operator Bharti Airtel and HCIL had said they will combine their VSAT (very small aperture terminal) satellite operations in the country, Hughes holding a majority stake in the merged entity.
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Very Small Aperture Terminal (VSAT) is used to provide satellite based telecom and internet access to individuals and enterprise users and is utilised extensively by banks and ATMs.
Airtel shares closed over 3 per cent down at Rs 507.30 on Thursday evening on the BSE.
