TATA settles $7.3bn dues to settle merger with Bharti Airtel.

Tata Group, India's largest conglomerate pays $7.3bn dues to lenders and government to help complete the merger of its telecom services with Bharati Airtel, India’s largest telecommunications services provider. As part of the Agreement, Bharti Airtel will absorb Tata CMB’s operations across the country in nineteen circles (17 under TTSL and 2 under TTML). These circles represent bulk of India’s population and customer base. The disposal of Tata’s phone business was part of an industry consolidation triggered by the entry of billionaire Mukesh Ambani’s Reliance Jio Infocomm Ltd. in 2016. The new operator with deep pockets stormed the market with free calls and cheap data, forcing many of the incumbents, already struggling under a pile of debt, to exit or merge with rivals.