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Idea-Vodafone merger with 'conditions applied', confirms Telecom Ministry

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Nimrat Kaur
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Idea-Vodafone merger with 'conditions applied', confirms Telecom Ministry
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Idea-Vodafone merger with 'conditions applied', confirms Telecom Ministry
Merger of Vodafone India and Idea cellular has been approved by the Department of Telecommunications (DoT), creating country's largest mobile operation.
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Official sources added, "DoT has cleared the Vodafone-Idea merger today. They will have to meet conditions for final approval."
The department has asked Idea Cellular to pay Rs 3,926 crore in cash for Vodafone spectrum and furnish a bank guarantee of Rs 3,342 crore, the source further said.
The merger is expected to give a relief to both debt-ridden firms, from competition in the market where margins have hit rock bottom with free voice calls and other services.
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The merger of Idea and Vodafone will form them India’s largest telecom operator worth over $23 billion (or over Rs 1.5 lakh crore), with a 35 percent market share and a subscriber base of around 430 million.
The combined debt of both the firms is nearly to Rs 1.15 lakh crore.
-PTC News
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