Bharti Airtel announced last week that it is acquiring the consumer mobile business of Tata Teleservices Limited and Tata Teleservices Maharashtra.
Bharti will take over Tata's mobile operations in 19 circles, including the transfer of all assets (including spectrum) and customers, on a debt-free cash-free basis.
"The acquisition will strengthen Bharti's spectrum holdings and add around 40 million subscribers to the company's leading market position in India's highly competitive mobile telecommunications market, a credit positive," Moody's Vice President and Senior Credit Officer, Annalisa Di Chiara, said.
Chiara added: "This is a non-cash deal and although Bharti will take over a small portion of deferred spectrum payments we do not expect it will have a material effect on the company's consolidated leverage.
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