Photo: ReutersMumbai: Idea Cellular Ltd and Vodafone Group Plc’s Indian unit are likely to start operating as a single unit from April, two people aware of the matter said. On Friday, the National Company Law Tribunal (NCLT) approved the proposed merger between Vodafone India Ltd and Idea Cellular. The merger agreement is based on equal rights and equal shareholding between Idea Cellular’s promoters and Vodafone Group. It can also contribute Rs2,500 crore more as debt into the merged entity. 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.

Source: Mint January 14, 2018 19:07 UTC