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NCLT clears Vodafone-Idea merger: Sources
Vodafone India and Aditya Birla Group-promoted Idea Cellular on March 20, 2017 announced their much-awaited amalgamation.
Vodafone India and Aditya Birla Group-promoted Idea Cellular on March 20, 2017 announced their much-awaited amalgamation.
New Delhi: The National Company Law Tribunal (NCLT) has approved the merger of Vodafone India and Idea Cellular, sources told IANS on Thursday. The clearance comes after the Department of Telecommunications (DoT) approved the merger last month. Vodafone India and Aditya Birla Group-promoted Idea Cellular on March 20, 2017 announced their much-awaited amalgamation. Aditya Birla Group Chairman Kumar Mangalam Birla will be the Non-Executive Chairman of the merged company, while the current Chief Operating Officer of Vodafone India, Balesh Sharma will become the Chief Executive. Vodafone Idea is expected to have a subscriber base of over 400 million and become the country's largest telecom operator.
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