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NCLT nod to Vodafone-Idea merger: Source

The National Company Law Tribunal (NCLT) clearance is through, and a joint statement is expected to be issued in the next few hours, a source privy to the development said.

The telecom juggernaut — Vodafone Idea Ltd — will dislodge the current market leader Bharti Airtel from the pole position, by its sheer size and scale.

The combined entity of Vodafone and Idea Cellular will have nearly 443 million customers surpassing Bharti Airtel’s 344 million users.

On July 26, the government had approved the merger of Vodafone India and Idea after the two firms provided for Rs 7,248.78 crore as one-time spectrum charge (OTSC).

Kumar Mangalam Birla will be the non-executive Chairman and Balesh Sharma the new CEO of the merged entity, which would remain listed.

Telecom Secretary Aruna Sundararajan had last month said the government expects the market to stabilise post merger. “We expect to see robust growth in the telecom sector with the emergence of three strong private sector players, and one public sector player”, Sundararajan had said.

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