Reliance Communications has said on Monday that the Competition Commission of India has approved the de-merger of its wireless division into Aircel Ltd and Dishnet Wireless Ltd.
Aircel Ltd and Dishnet Wireless Ltd had merged last September, with combined assets worth Rs. 65,000cr.
Reliance Communication said: "Post-closing, the company and the present shareholders of Aircel Ltd will hold 50 per cent each in Aircel Ltd."
Reliance and Aircel shareholders will now hold 50% each in Aircel Ltd.
The move will also bring down RCom's debts by Rs. 20,000cr, and Aircel's by Rs. 4,000cr.
Also Read:
Rupee fell down by 27 paise against dollar
Sensex, Nifty opens lower today
1 Billion Yahoo Accounts Up For Sale