Idea Cellular confirmed that the approval received from the telecom department for its merger with Vodafone India “conditional” and not the final one, yet.
“Approval of the DoT was a condition precedent to the completion of merger. The current approval of DoT is conditional and not the final approval,” said the Kumar Mangalam Birla owned telco in a regulatory statement.
The Department of Telecommunications (DoT) gave its conditional nod for the merger between India’s second and third largest telcos, this Monday. The telecom department has sought over Rs 7,200 crore from both companies on account of one-time spectrum charges and spectrum liberalisation fees.
The telco, which announced its merger last year March, stated that “there are multiple interim steps before a final, firm approval is granted by the concerned statutory/regulatory authorities”. In its clarification, it confirmed that it has received approvals from regulatory bodies like – CCI, SEBI, NCLT and will keep the stock exchange informed on further developments.
