The telecom ministry approved the merger of Vodafone India and Idea Cellular Ltd. that will create the country’s largest mobile services operator. The Department of Telecom has cleared the Vodafone-Idea merger, but both companies 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 combined operations of Idea and Vodafone will create the country’s largest telecom operator worth over $23 billion (or over Rs 1.5 lakh crore). Vodafone will own 45.1% stake in the combined entity, while Kumar Mangalam Birla-led Aditya Birla Group and Idea shareholders would have 26% and 28.9%, respectively.
Source- The Bloomberg
Static/Current Takeaways Important for SBI PO/Clerk Exam 2018-
- Mr Manoj Sinha is the Minister of State (I/C) of the Ministry of Communications.