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India’s Wireless Shakeout Spreads With Bharti-Tata Merger

  • Airtel gets Tata’s wireless business debt-free, shares surge
  • Deal is latest shaking out India’s crowded mobile phone market
Workers install Bharti Airtel Ltd. signage in Gurgaon, India.

Workers install Bharti Airtel Ltd. signage in Gurgaon, India.

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Bharti Airtel Ltd. surged the most since in five months after it announced that it had agreed to absorb Tata Group’s mobile-phone business in a“cash-free” transaction shaking up one of the world’s most crowded wireless markets.

The stock advanced 7.8 percent to 431.60 rupees, the most since May 10, after India’s largest mobile-phone operator said it will get Tata Teleservices Ltd.’s airwaves and 40 million customers in a “debt-free cash-free" merger.