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Vodafone Idea board gives a go ahead to its merger with Aditya Birla Telecom

September 18, 2018

The board of Vodafone Idea Limited (VIL) has approved the merger Aditya Birla Telecom Limited (ABTL) with itself. Currently, ABTL holds a share of 11.15 per cent in Indus Towers. With this merger, VIL will have direct shareholding in Indus Towers. Further, the call on whether or not to monetise this share would be taken by VIL post the simplification in the corporate structure.

Further, as per the agreement of between VIL and Indus Towers, VIL can raise Rs 51 billion in cash from the sale of ABTL’s stake in Indus Towers.

According to VIL, the merger would enable it to manage and control the businesses of the subsidiaries, eliminate duplication of administrative cost and strengthen its financial position and ability to raise resources against the assets owned by ABTL.

This merger is subject to an approval from the National Company Law Tribunal (NCLT) in Ahmedabad.

 
 

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