The Board of Directors of Vodafone Idea Limited, India’s largest telecom operator, approved merger of the Vodafone Idea Limited with the Aditya Birla Telecom Limited (ABTL), the parent company of Idea Cellular. The merger was approved under the relevant provisions of the Companies Act, 2013.
The merger is now subjected to approval of the National Company Law Tribunal. The Aditya Birla Telecom Ltd holds 11.15% stake in telecom infrastructure firm Indus Towers Ltd. With this amalgamation, Vodafone Idea will directly have shareholding in Indus Towers and can monetise the stake held by ABTL following simplification in the corporate structure.
Source- The Economic Times