India News
Search Web Directory
News Home
NCLT approves Idea-Vodafone merger
Posted on 13th January 2018
New Delhi: The National Company Law Tribunal has approved the proposed merger between Vodafone India Ltd and Idea Cellular Ltd to create India’s largest mobile wireless company, the latter said in a filing to the stock exchanges on Friday.

The two companies now require only the Department of Telecommunications’s approval to proceed with the merger, having already received the green signal from both the antitrust watchdog Competition Commission of India and the Securities and Exchange Board of India, in July. The merger will create the world’s second largest and India’s largest telco, overtaking Bharti Airtel Ltd.

It will have almost 400 million customers with 35% customer and 41% revenue market share. It will have revenue of Rs81,600 crore and an operating profit of Rs24,400 crore.

Vodafone Group and the Aditya Birla Group in March 2017 announced the merger, aimed at dominating a market that Mukesh Ambani’s Reliance Jio Infocomm Ltd had disrupted with free voice calls and low data prices following its commercial launch in September 2016.

The merger agreement is based on equal rights and equal shareholding between Idea Cellular’s promoters and Vodafone Group.

To achieve this, Vodafone has kept its 42% stake in Indus Towers Ltd, valued at around $5 billion, out of the deal’s purview. It can also contribute Rs2,500 crore more as debt into the merged entity.

Promoters of Idea Cellular Ltd on 4 January said they will invest Rs3,250 crore and the company plans to raise a similar amount to strengthen its balance sheet.

As a result of a change in Idea’s shareholding following the proposed capital raising, Aditya Birla Group and Vodafone agreed that the former will buy a minimum of 2.5% of the merged entity from Vodafone, or such stake as is required in order for it to ultimately own at least 26% of the merged entity, Vodafone said in a statement 4 January.

“Consequently, Vodafone will receive minimum proceeds of Rs1,960 crore (€256 million) from such sale and Vodafone’s ownership in the combined entity is expected to be approximately 47.5% at completion,” it said.

Idea Cellular shares rose 1.35% on Friday to close at Rs108.60 on the BSE on a day the benchmark Sensex gained 0.26% to 34,592.39 points.

Related Companies: IDEA Cellular Limited   

Other Latest News
Amazon India reportedly closing in on Flipkart
Posted on 22nd March 2018
BENGALURU: Amazon has almost closed the gap with Flipkart's standalone sales in 2017, behind in GMV marketshare by less than 1percentage point in 2017 from 5 percentage points in 2016, as per Forrester. However, Flipkart still leads as a group with Myntra and Jabong.

While Flipkart leads in fashion and smartphones, Amazon has taken lead in categories such as appliances, consumer electronics, and more importantly, groceries, which builds platform stickiness, said Satish Meena, a senior forecast analyst at Forrester.

Air India may give promotions to 100 pilots with pay hike of up to Rs 12 lakh: Report
Posted on 22nd March 2018
Amidst the privatisation talks, it has been reported that the national carrier Air India might gove promotion to its 100 pilots with a pay hike of Rs 12 lakh per head.

"The 100 deputy general manager rank pilots are narrow-body and widebody pilots. These pilots are likely to be promoted to executive despite the fact that the airline is being privatised," a source told the Economic Times.

Opening bell: Sensex opens stronger after fed rates hike
Posted on 22nd March 2018
Key indices on Thursday gained strength after the federal reserve hiked rates as widely expected.

The 30-share BSE Sensex was up 138.34 points at 33,274.52 and the 50-share NSE Nifty rose 49.40 points to 10,204.70.

Sebi may impose trading curbs on cos undergoing insolvency proceedings
Posted on 22nd March 2018
The Securities and Exchange Board of India (Sebi) may impose trading restrictions on shares of companies that are undergoing insolvency proceedings. The move, which is also a demand by industry players, is aimed at reducing volatility in stock prices and curbing manipulation or misuse of price-sensitive information.

Sources said the market regulator would lay down a compliance framework for listed companies undergoing insolvency resolution. The announcement will likely be made at Sebi’s board meeting next week.

Essar Steel set for rebid as lenders reject Arcelor, Numetal offers
Posted on 22nd March 2018
The State Bank of India-led consortium of lenders called for a second round of bidding for Essar Steel on Wednesday. All the six companies that had submitted expressions of interest (EoIs) earlier have to submit their bids by April 2.

Lenders rejected bids by Numetal and ArcelorMittal after both companies failed the legal eligibility test. The legal advisors cited one of the clauses of Section 29A of the Insolvency and Bankruptcy Code (IBC) for rejecting the bids.

» Post a FREE Classified Advertisement
Inviting Real Estate Agents, Job Placements Agents, Educational Institutes, Software Service Providers, Real Estate Builders, Marriage Bureaus, Travel Agents, Restaurant Owners, Health & Fitness Centers and other Local Businesses to Post a FREE Classified Advertisement on Classifieds Website.
Jobs in India India Real Estate Automobiles Matrimonials Beauty & Fitness

Add a comment for NCLT approves Idea-Vodafone merger
Please only use this form to enter comments on the above company. All comments are reviewed before they are displayed on the web site. Not all comments may be displayed. Check back with us to see if your comments have been displayed.
If you want us to email the comments posted by users, please Subscribe by email
Security Code*

Be the first person to write a business review for NCLT approves Idea-Vodafone merger

Most Read News

Nirav Modi, Vijay Mallya, and 29 other Indian fugitives owe Rs40,000 crore

This big update will change how you use WhatsApp groups; here’s what it is

Rebids likely for Essar Steel to ensure IBC compliance

Nirav Modi scam: Diamond traders now courting firms with long-term credit

Ravi Shankar Prasad poses 3 questions to Congress over its alleged links with Cambridge Analytica

More India News

  India Web Directory
Business Profiles
Automotive Directory
IT/ITES/BPO Directory
Hotel Directory
Health Directory
Business Directory
Gems & Jewellery
Education Directory
Real Estate Directory
Agriculture Directory
Logistics Directory
Yellow Pages
NRI Guide
Photo Galleries
Global Web Directory
*** FREE India Classifieds
Order Premium Listings
Submit a Site
Business Reviews
About us
Link to us
Contact us
Google Search Keywords: India Catalog, IndiaCatalog, India Web Directory
    © 1999 - 2018
    All Rights Reserved
Privacy Statement