NEW DELHI: Shares of Idea Cellular jumped over 6 per cent on Tuesday after CCI approved the proposed merger with Vodafone India . The approval is seen as a key step in clearing the way for creating India’s biggest phone company by subscribers.Following the development, shares of Idea Cellular advanced 6.48 per cent to close the day at Rs 97.80 on BSE.“The transaction is expected to close during calendar year 2018, subject to customary approvals,” the Idea Cellular said in a statement on Monday.The combined entity, with its scale, size and synergies, will be a stronger rival to Reliance Jio Infocomm, which disrupted the market with free voice and data offers for about six months after it started services in September, ET reported.UK-based Vodafone Group Plc’s India unit and Idea, currently ranked at two and three, respectively, will have a combined base of nearly 400 million customers and 41 per cent revenue market share

Source: Economic Times July 25, 2017 04:52 UTC