DoT set to clear Vodafone-Idea merger

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DoT set to clear Vodafone-Idea merger
DoT set to clear Vodafone-Idea merger

New Delhi : The Department of Telecommunications (DoT) is all set to approve merger of Vodafone and Idea on Monday. The move will create the country's largest mobile service operator with proposed name of Vodafone Idea Ltd.

"DoT is expected to clear the Vodafone-Idea merger on Monday. The certificate will be handed to them," an official source told PTI.

Idea and Vodafone have decided to merge their operations to created country's biggest telecom operator with 35 percent market share and a subscriber base of around 430 million.

"The merger will be taken on-record after Idea furnishes required bank guarantee and gives undertaking of owning the liabilities of Vodafone India that may arise in future," the source said.

Idea will hold extraordinary general meeting on June 26 to change its name to Vodafone Idea Limited following the completion of merger.

Vodafone will own 45.1 percent in the combined entity, while Kumar Mangalam Birla-led Aditya Birla Group would have 26 percent and Idea shareholders 28.9 percent.