Tech
Powered by cricketnext logo
»
1-min read

Vodafone-Idea Merger Gets CCI Approval

According to sources, the CCI has sent approval letters to both Idea Cellular and Vodafone India.

IANS

Updated:July 25, 2017, 11:16 AM IST
facebookTwittergoogleskypewhatsapp
Vodafone-Idea Merger Gets CCI Approval
Vodafone-Idea merger gets CCI approval (photo for representation, image Reuters Pictures, Kumar Mangalam Birla (C), Chairman of Aditya Birla Group)
The Competition Commission of India (CCI) has given approval for the Vodafone-Idea merger. According to sources, the CCI has sent approval letters to both Idea Cellular and Vodafone India.
Vodafone India and Aditya Birla Group-promoted Idea Cellular on March 20 announced their much-awaited amalgamation. Kumar Mangalam Birla, Chairman of the Aditya Birla Group, will be its Chairman. "Vodafone Group and Idea Cellular announced they have reached an agreement to combine their operations in India (excluding Vodafone's 42 per cent stake in Indus Towers) to create India's largest telecom operator," a joint statement by the companies had earlier said.

"The combined company would become the leading communications provider in India with almost 400 million customers, 35 per cent customer market share and 41 per cent revenue market share," it added. The merger will create an entity with over Rs 80,000 crore revenue. "Vodafone will own 45.1 per cent of the combined company after transferring a stake of 4.9 per cent to the promoters of Idea and/or their affiliates for Rs 3,874 crore in cash concurrent with the completion of the amalgamation," the statement said.

"The promoters of Idea will hold 26 per cent of the company and the balance will be held by the public."

Watch Video: Samsung Galaxy S8 Review


 

Read full article
Next Story
facebookTwittergoogleskypewhatsapp

Live TV

File is:/article-scroll-new.php