NEW DELHI: Idea Cellular has gained approval from the Department of Telecom (DoT) to increase foreign direct funding (FDI) prohibit in the company to 100 consistent with cent from the present 67.five consistent with cent, the operator mentioned in a notification to the exchanges on Monday.
"The approval is for total foreign investment up to 100% in Idea Cellular, and total indirect FDI in its relevant subsidiaries – Aditya Birla Telecom Ltd. and Idea Cellular Infrastructure Services Ltd," the telecom company said.
"The FDI approval is a major milestone in the merger process of Vodafone India with Idea Cellular, and follows other statutory approvals already received from the SEBI, NSE, BSE, CCI and NCLT Mumbai and NCLT Ahmedabad," it added.
Idea and Vodafone India are in strategy of merging their businesses. According to legit resources, the approval for merger by the telecom division is in final phases. The merger, when it comes thru, will create India's largest telecom company worth over $23 billion and is anticipated to intensify the telecom struggle dominated by Reliance Jio and Bharti Airtel.
Earlier, Idea had proposed a brand new identify for the blended entity as "Vodafone Idea Ltd" publish its merger with Vodafone India. The EGM (Extraordinary General Meeting) of the company will likely be hung on June 26 to make a decision the trade in the identify of the company.
"... consent of the members be and is hereby accorded for change of name of the company from "Idea Cellular Limited" to "Vodafone Idea Limited," Idea had mentioned in a regulatory submitting.
Vodafone would personal 45.1 consistent with cent in the blended entity, while Aditya Birla Group would have 26 consistent with cent and Idea shareholders 28.9 consistent with cent.
(With PTI inputs)
"The approval is for total foreign investment up to 100% in Idea Cellular, and total indirect FDI in its relevant subsidiaries – Aditya Birla Telecom Ltd. and Idea Cellular Infrastructure Services Ltd," the telecom company said.
"The FDI approval is a major milestone in the merger process of Vodafone India with Idea Cellular, and follows other statutory approvals already received from the SEBI, NSE, BSE, CCI and NCLT Mumbai and NCLT Ahmedabad," it added.
Idea and Vodafone India are in strategy of merging their businesses. According to legit resources, the approval for merger by the telecom division is in final phases. The merger, when it comes thru, will create India's largest telecom company worth over $23 billion and is anticipated to intensify the telecom struggle dominated by Reliance Jio and Bharti Airtel.
Earlier, Idea had proposed a brand new identify for the blended entity as "Vodafone Idea Ltd" publish its merger with Vodafone India. The EGM (Extraordinary General Meeting) of the company will likely be hung on June 26 to make a decision the trade in the identify of the company.
"... consent of the members be and is hereby accorded for change of name of the company from "Idea Cellular Limited" to "Vodafone Idea Limited," Idea had mentioned in a regulatory submitting.
Vodafone would personal 45.1 consistent with cent in the blended entity, while Aditya Birla Group would have 26 consistent with cent and Idea shareholders 28.9 consistent with cent.
(With PTI inputs)
Telecom department gives nod to Idea Cellular for raising FDI limit to 100%
![Telecom department gives nod to Idea Cellular for raising FDI limit to 100%]()
Reviewed by Kailash
on
June 04, 2018
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