Competition Commission of India approves Idea Cellular-Vodafone India merger plans, report says

Competition Commission of India (CCI) may have cleared Vodafone-Idea merger plans, a media report said. 

CCI on Monday, approved the mega merger proposal by Vodafone India and Idea Cellular, as reported by CNBC-TV18. 

However, details regarding the approval is still awaited. 

In May, the companies had approached CCI regarding the proposed merger and were awaiting the fair trade regulator's nod in this regard.

Earlier, Idea had said a joint notification has been filed with the CCI and the Scheme of Arrangement has been filed with Sebi and stock exchanges for their approvals. 

In March, Aditya Birla Group's telecom arm, Idea Cellular had informed the regulatory bodies that its board of directors have approved the merger of Vodafone India and its wholly-owned subsidiary Vodafone Mobile Services with itself.

The company said that it will issue an aggregate number of equity shares of the new company to Vodafone India Ltd equal to 47% of the post issue paid-up capital. 

On June 5, Securities and Exchange Board of India (Sebi) had sought status update from stock exchanges about the 'no-objection' sought by Aditya Birla Group firm Idea Cellular regarding its proposed merger. 

Following to it, on July 13, The Economic Times had reported that Sebi is examining an open offer opportunities under the takeover rules for IdeaCellular and Vodafone India merger. 

Till now, no major announcement has been made by both the companies on merger plans. 

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