Aircel and RCom, struggling to stay afloat after their merger attempts fell through recently, have complained to DoT and Trai, seeking action against the Big 3.
Rcom had announced its decision to shut down its 2G and 3G services and concentrate on working as a mobile virtual network operator (MVNO) that offers 4G services.
'The approval is without prejudice under Section 43 A of the competition,' said the CCI statement seen by ET.
As a result, rating agency CARE-which put Aircel's long term bank facilities to Rs 17479 crore, downgraded the telco to a default (D) grade for delays in repayments.
Players are shutting shop, shrinking operations and shedding flab in terms of both permanent and contract employees to run a tight ship.
The operator had posted double digit growth in the enterprise business and will bank on its acquisition of fibre-to-home company YOU Broadband.
The shares were bought by local insurers and mutual funds, global asset managers, and hedge funds.
A court diktat prevents the telco from selling its 2G or 3G spectrum while it continues to lose money amid a fund crunch and high debt.
“The transaction will help reduce the liability of unsecured creditors, benefitting all stakeholders including lenders and shareholders of RCOM,” said the telco’s statement.
Tech Mahindra’s withdrawal brought relief for RCom, which is reeling under Rs 45,000 cr debt and is on verge of shutting a major part of its wireless ops.
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