The Securities and Exchange Board of India (SEBI) has given a conditional go-ahead to the $23 billion deal between Idea Cellular and Vodafone India, which would be subject to the outcome of an ongoing probe by the regulator and approvals from public shareholders and NCLT. The no-objection as per SEBI’s regulations will enable the companies to file the draft scheme with the NCLT.
Idea Cellular is an AV Birla group company and provides Global System for Mobile communications (GSM)-based wireless service at the pan-India level.
