TTSL-TTML merger near completion

The merger between Tata Teleservices Limited (TTSL) and Tata Teleservices Maharashtra Limited (TTML) is near closure, a source close to the development said.
After the merger, a new entity will be formed by the name TTL.
Both companies are undergoing internal restructuring, with employees of TTML being absorbed under TTSL’s management. The senior team at TTML will share responsibilities with the TTSL management, the source further said. The new entity will be led by Anil Sardana, the present managing director of TTSL.
The accounts of the two companies were earlier being managed separately. However, they were operating as a single company on the handsets, marketing and back-end departments. The accounts of the companies have not been merged yet, but the process will begin shortly.
As per analysts, the merger might have been a reverse one wherein the parent company merges into its subsidiary. But TTSL being the bigger company and one that is not listed might have caused complications. A favourable option for the company would be to delist TTML and then merge it with the parent company.
However, the source told Telecom Yatra that the company is looking at the latter option. It will delist TTML and then go for a fresh public offer for the new entity in a few days.
Industry experts believed this merger to be inevitable. They also believe that the time now is best for a merger because of the impending 3G roll out.
TTSL and TTML have together won 3G licences in nine circles including Maharashtra, Gujarat and Karnataka. The company, in a recent statement, said that it is confident of rolling out 3G services in the Maharashtra and Goa circle (expect Mumbai) before the end of this year.