The Empowered Group of Ministers (EGoM) headed by Finance Minister P Chidambaram, approved the guidelines on telecom merger and acquisition on 3 December 2013.
In addition to this EGoM cleared the sale of over 400 MHz of 2G spectrum (1800 MHz band), which are to be auctioned in January 2014.
EGoM also approved payment of market rates for spectrum above 4.4 MHz allotted to the acquired entity.
The EGoM also cleared the sale of 403 MHz of 2G spectrum, which is valued at about 36000 crore Rupees, as per the reserve price recommended by the Telecom Commission.
The Telecom Commission has already approved the draft M&A guidelines, which says that the market share of a merged entity should not exceed 50 per cent of the subscriber base.
The much-awaited mergers and acquisitions guidelines would pave way for consolidation of mobile market which presently has 12 mobile operators. All these decision would now be forwarded to the Union Cabinet for final approval.
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Who: EGoM on Telecom
Where: New Delhi
When: 3 December 2013