A PYMNTS Company

India: Idea-Vodafone merger sees March completion date

By  |  October 2, 2017

The Vodafone India and Idea Cellular merger deal is expected to be completed by March next year, as all regulatory approvals are likely to be obtained by that time, a source privy to the deal said.

“There are only two permission left in the amalgamation scheme of the Idea and Vodafone. It should be completed by end of the current financial year,” an industry source, who did not wish to be named .

Both the companies are before National Company Law Tribunal seeking its nod after which they will need final approval from the Department of Telecom.

Idea Cellular will hold a meeting of shareholders and creditors on October 12 to seek their approval for the meeting of equity shareholders, secured creditors and unsecured creditors will be held in Gandhinagar. It is being convened following directions of the NCLT bench at Ahmedabad.

Full Content: Money Control

Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.