July 27, 2018
New Delhi: The proposed merger of Vodafone India, Vodafone Mobile Services and Idea Cellular to form Vodafone Idea now awaits the dissolution order of the National Company Law Tribunal (NCLT), Mumbai Bench, for VMSL and VIL.
The Department of Telecommunications (DoT) has given its nod to the proposed merger which is expected to create India’s largest telecom service provider.
“The merger is now subject to National Company Law Tribunal, Mumbai Bench, passing the dissolution order of VMSL and VIL, which is expected shortly,” Idea Cellular said in a regulatory filing to the BSE on Friday.
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.