July 26, 2018:
On Thursday, Government gave final approval for mega merger of Vodafone and Idea Cellular that will create India’s largest mobile operator with 35% market share and around 430 million subscribers.
Move comes just days after Idea Cellular and Vodafone India made a joint payment of ₹7,268.78 crore ‘under protest’ to Department of Telecom (DoT) for merging their mobile businesses.
Senior DoT Official stated that final approval was accorded to the merger on Thursday and the entities would now approach the Registrar of Companies (RoC) for stipulated filings for approval, completing the last leg of formalities.
DoT gave the conditional nod to merger on July 9 and asked the two firms to meet the demand raised for taking the merger on record.
Source Hindu
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