Vodafone Idea deal: DoT awaits FDI clearance for Idea to approve merger with Vodafone
DoT awaits FDI clearance for Idea to approve merger with Vodafone. NEW DELHI: DoT is waiting for DIPP to give clearance for raising the foreign direct investment (FDI) limit in Idea Cellular to 100 per cent before approving the merger of Vodafone India with the Aditya Birla group firm, as per official sources. The debt of resultant entity is expected to be around 1.1 lakh crore as per debt situation of Idea and Vodafone India at the end of September 2017. The amalgamation will result in capex synergies, since it will eliminate the duplication of spectrum capacity and infrastructure related requirements. However, FDI clearance in telecom sector also requires approval from the Home Ministry which should be granted within six weeks.
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