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The National Company Law Tribunal’s (NCLT) Mumbai Bench has listed an urgent hearing of the merger between Reliance Communications (RCom) and Aircel today.
According to lawyers, the hearing would start at 2.30 pm.
At its hearing on Wednesday, RCom lenders, including China Development Bank (CDB), Standard Chartered Bank and HSBC, had consented to the merger before NCLT.
However, telecom equipment manufacturer Ericsson and GTL Infrastructure’s subsidiary Chennai Network Infrastructure (CNI) have objected to the merger. SBI and other Indian banks have also agreed to admit the deal before NCLT.
Upon admission by NCLT, RCom expects to close the deal by September-end. The company expects to reduce the consolidated debt by Rs 25,000 crore upon completion of the deals.
At 12.20 pm, RCom shares were trading lower by 5.79 per cent at Rs 23.60 on the BSE.
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