The proposed merger of Idea Cellular and Vodafone India to create the company's largest telecom operator has moved closer to reality, with the companies receiving approval from the National Company Law Tribunal's (NCLT) Ahmedabad Bench.
"We wish to inform you that the Hon'ble National Company Law Tribunal, Bench at Ahmedabad, vide its order dated 11th January, 2018, has sanctioned the Composite Scheme of Amalgamation and Arrangement among Vodafone Mobile Services Limited and Vodafone India Limited and Idea Cellular Limited and their respective shareholders and creditors under Sections 230 and 232 and other applicable provisions of the Companies Act 2013", Idea Cellular said in a BSE filing.
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Idea shares erased losses and rose as much as 2.9% on BSE Sensex. The higher spectrum availability and larger scale radio access along with re-deployment of overlapping equipment from rationalised sides will also lead to lower capital expenditure. On July 24 the CCI gave its approval to the merger of two telecom companies. Over 99% of Idea Cellular's shareholders voted in favour on 13 October 2017. Once the deal goes through, Vodafone will own 45.1% stake in the merged entity, while Idea Cellular will have 26 per cent.
Yesterday's decision means only the permission of the government's Department of Telecom is needed for the merger to be completed.
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Last year, Vodafone India and Idea Cellular had agreed to merge their operations to create the country's largest telecom operator worth of more than United States dollars 23 billion with a 35 percent market share.
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