(Image source from: Business-standard.com)
Mobile Business Dues: Tata Settles 7.3 Billion USD:- India based Tata Group paid Rs 500 billion which is equal to 7.3 billion USD to the lenders and the government. This will help them complete the sale of its mobile phone service to Bharti Airtel Ltd. This deal was announced a couple of years ago. Tata paid the Department of Telecommunications Rs 100 billion last month and now the pending loans of Rs 400 billion are settled.
“All debt obligations of the consumer mobile business of Tata Teleservices have been repaid as per schedule,” a Tata Group spokeswoman told in a statement. Tata decided to dispose of the unprofitable business under Tata Teleservices Ltd. and Tata Teleservices. It then merged with Bharti Airtel which is the second biggest carrier in India. The deal was termed as a “debt-free, cash-free” transaction. After this Vodafone Group and Idea Cellular joined hands to fight against Reliance Jio.