Vodafone-Idea Cellular merger gets final approval from DoT
By MYBRANDBOOK
The Union Government’s Department of Telecommunications (DoT) has given its final approval to the mega merger of Vodafone and Idea Cellular. This merger will create the country’s largest mobile operator with 35-per cent market share and around 430 million subscribers.
The move comes just days after Idea Cellular and Vodafone India made a joint payment of Rs.7,268.78 crore “under protest” to the Department of Telecom (DoT) for merging their mobile businesses.
According to a news report, the Bank guarantees for deferred spectrum payments that Vodafone owes to DoT will be amended by the banks concerned, and will be transferred to Idea Cellular, since that will be the entity which will hold the licences. The approval letter, however, includes the conditions that the merged entity will have to comply with the outcomes of pending cases in the Telecom Disputes Settlement and Appellate Tribunal (TDSAT), and other courts.
The next step to the process will be all companies informing the Registrar of Companies of the changes, after which Vodafone India and its subsidiary VMSL will cease to exist.
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