The Department of Telecom (DoT) has given final approval to the merger of Vodafone India and Idea Cellular. The nod for Vodafone Idea came days after Idea Cellular and Vodafone India jointly paid Rs. 7,268.78 crore ‘under protest’ to the DoT. The entities will now approach Registrar of Companies (RoC) for stipulated filings for approval, completing the last leg of formalities.
The combination, to be known as Vodafone Idea, will create India’s largest mobile-phone company and help the firms compete with billionaire Mukesh Ambani’s Reliance Jio Infocomm Ltd., which upended the world’s second-largest mobile-phone market by offering free calls and cheap data.
Source- The Livemint