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Idea Cellular seeks NCLT nod over approval of merger with Vodafone

The application was filed after Idea received approvals from CCI on 24 July and the SEBI on August 4

ANI  |  New Delhi 

Vodafone-Idea
Vodafone-Idea

Cellular Ltd. on Monday filed an application before the National Company Law Tribunal's (NCLT) Ahmedabad Bench, seeking approval for its merger with India Ltd. and Mobile Services Ltd.

The application was filed after cellular received approvals from the on 24 July, and the Securities and Exchange Board of India (SEBI) on August 4, in accordance with the terms thereof.

Earlier in March, majors Cellular and India Ltd. (VIL) announced the acceptance of their merger, with Kumar Mangalam Birla as the Chairman of the new entity. This is paving the way for five major players, namely - Vodafone-Idea, Bharti Airtel, RJio, RCom-Aircel-(assuming - merger goes through), -

The merger will facilitate VIL and VMSL's (Mobile Services Ltd.) entire business to be vest in the company, excluding VIL's 42 percent share in Indus Towers. The merger will come into effect after new shares are issued in to and would result in deconsolidating India.

The two parties believe that the merger will enhance pan India 3G/footprint, thereby accelerating the government's 'Digital India' initiative.

Furthermore, it is believed to help in leveraging customer affinity towards the two brands in the spectrum.