Idea Cellular has sought approval of the National Company Law Tribunal (NCLT) for merger of its operations with Vodafone India. The NCLT application follows the receipt of approvals from the Competition Commission of India on July 24, 2017, and the stock exchanges/SEBI on August 4, 2017.
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.
Idea Cellular is an AV Birla group company and provides Global System for Mobile communications (GSM)-based wireless service at the pan-India level.
