The board of Idea Cellular today approved the merger with Vodafone India Ltd and its wholly-owned arm Vodafone Mobile Services, making the new entity the biggest telecom operator in India.
The combined entity emerges as the market leader in terms of wireless subscribers, taking on rivals such as Airtel and Reliance Jio.
The board of directors of Idea Cellular at its meeting held today approved the "scheme of amalgamation of Vodafone India Limited (VIL) and its wholly owned subsidiary Vodafone Mobile Services Limited (VMSL) with the company", Idea said in a regulatory filing.
The transaction is subject to necessary approvals from concerned authorities, including SEBI, Department of Telecom, RBI etc. "Upon the amalgamation becoming effective, the entire business of VIL and VMSL, excluding VILs investment in Indus Towers Limited, its international network assets and information technology platforms, will vest in the company," the filing said.
According to the filing, the turnover of Vodafone India is Rs 5,025 crore and of VMSL is 40,378 crore. Idea Cellulars turnover is Rs 36,000 crore. The net worth of VIL is 12,855 crore, VMSLs 3,737 crore and of Idea Cellular is Rs 24,296 crore.
As this deal would now change the entire telecom landscape of the country; here is all the information you need to know about the merger;