Idea Cellular hopes to complete merger with Vodafone India by 2018
In May, Idea Cellular and Vodafone India had approached CCI regarding the proposed merger and were awaiting the fair trade regulator's nod in this regard.
After Competition Commission of India (CCI) approval Aditya Birla Group's telecom arm Idea Cellular thanked the statutory body for giving nod to mega merger.
On Monday, CCI gave unconditional nod to Idea Cellular and Vodafone India merger.
“We welcome the decision of the Competition Commission of India approving the proposed merger of Vodafone India and Idea Cellular, following its comprehensive review of the transaction. It is expected that other statutory approvals will be forthcoming and we anticipate completing the transaction during 2018," Kumar Mangalam Birla, Chairman, Aditya Birla Group, said.
"The proposed combination of Vodafone India and Idea will create a new champion of Digital India. We remain fully committed to fulfilling the Digital India vision of the Honourable Prime Minister and the government and will connect villages, towns and cities across India with world class 4G/4G+ networks. The continuing ease of doing business in the country helps ensure that this vision for a digitally connected India is fast becoming a reality," Birla added.
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.
ALSO READ:Competition Commission of India approves Idea Cellular-Vodafone India merger plans, report says
Idea Cellular approves Vodafone merger with itself
Sebi seeks clarification from bourses on Idea-Vodafone merger
Idea-Vodafone: One year deadline to jump regulatory loops or pay Rs 3300 crore
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
SBI 444-day FD vs Union Bank of India 333-day FD: Know maturity amount on Rs 4 lakh and Rs 8 lakh investments for general and senior citizens
Power of Compounding: Salary Rs 25,000 per month; is it possible to create over Rs 2.60 crore corpus; understand it through calculations
New Year Pick by Anil Singhvi: This smallcap stock can offer up to 75% return in long term - Check targets
PSU Oil Stocks: Here's what brokerage suggests on these 2 largecap, 1 midcap scrips - Buy, Sell or Hold?
Power of Compounding: How many years it will take to reach Rs 2 crore corpus if your monthly SIP is Rs 3,000, Rs 4,000, or Rs 5,000
Retirement Calculator: 40 years of age, Rs 50,000 monthly expenses; what should be retirement corpus and monthly investment
07:51 PM IST