India's antitrust regulator approves $23 billion Vodafone India-Idea deal
Reuters
Published Jul 24, 2017 14:40
Updated Jul 24, 2017 14:50
India's antitrust regulator approves $23 billion Vodafone India-Idea deal
MUMBAI (Reuters) - India's antitrust regulator has approved the merger of Vodafone Group Plc's (L:VOD) Indian unit with Idea Cellular (NS:IDEA), a lawyer representing Vodafone in the matter said on Monday.
In March, Vodafone India and Idea agreed to merge operations in a $23 billion (17.66 billion pounds) deal, creating the country's biggest telecom player after the entry of new entrant Reliance Jio sparked a price war.
The deal has been pending Competition Commission of India (CCI) approval, along with other regulatory clearances.
Shweta Shroff Chopra, a partner at Shardul Amarchand Mangaldas, which is representing Vodafone, said the CCI approval is a very welcome development for both the Indian M&A landscape and the telecom sector, and will serve to fuel more investment into the telecom sector in India.
A separate source told Reuters earlier on Monday that the deal had been approved by CCI.
The two companies did not immediately respond to requests for comment.
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Written By: Reuters
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