Source: Business Standard
The merger of Idea Cellular and Vodafone has been approved by the Department of Telecommunications. This merger will lead to displacing Bharti Airtel from the number 1 spot, reigning this place for over 15 years. The conditions for approval include a payment of Rs. 7,268 crore, split between a back guarantee of Rs. 3,342 crore, the amount that Idea owes an account of one-time spectrum charges and Rs. 3, 926 crore by Vodafone towards the market price for non-auctioned airwaves. DoT will begin to transfer Vodafone’s licences and mobile services to Idea once the companies pay up.
Source: Economic Times