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Vodafone India and Idea Cellular merger deal may receive conditional DoT approval soon

June 18, 2018

The Department of Telecommunications (DoT) might give conditional approval to the merger of Vodafone India and Idea Cellular. This merger will lead to the creation of the largest telco in India.

As per industry sources, Manoj Sinha, Minister of Communications has signed the merger and a final letter is likely to be issued soon. The letter would give conditional approval to the merger while seeking bank guarantee of Rs 21 billion as one-time spectrum charge which has to be paid immediately by Idea Cellular. Along with this it will also seek undertakings for the payment of other dues to be paid in the future. This includes spectrum usage charge and license fee that both companies owe to the government.

Idea Cellular has called a shareholders’ meeting on June 26, 2018 to approve the new name of the merged entity and to raise Rs 150 billion. Vodafone will initially own over 45 per cent in the combined entity with the Aditya Birla Group owning 26 per cent, but both have equal ownership rights. Over time, their shareholding will be equalised.

 

 
 

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