A day after the Competition Commission of India gave its nod to the Vodafone India-Idea Cellular merger, both companies in a joint statement said other statutory approvals were expected to come soon and the transaction will be completed during 2018.
"We welcome the decision of the Competition Commission of India approving the proposed merger of Vodafone India and Idea Cellular, following its comprehensive review of the transaction. It is expected that other statutory approvals will be forthcoming and we anticipate completing the transaction during 2018," Vittorio Colao, CEO, Vodafone Group Plc. and Kumar Mangalam Birla, Chairman, Aditya Birla Group, said in a joint-statement.
"The proposed combination of Vodafone India and Idea will create a new champion of Digital India. We remain fully committed to fulfilling the Digital India vision of the Prime Minister and the government and will connect villages, towns and cities across India with world class 4G/4G+ networks. The continuing ease of doing business in the country helps ensure that this vision for a digitally connected India is fast becoming a reality," they added.
Kumar Mangalam Birla, Chairman of the Aditya Birla Group, will be its Chairman.