Idea Cellular has received an approval from the Department of Telecommunications (DoT) to increase Foreign Direct Investment (FDI) limit in the company to 100%, from the current 67.5%.
The approval is for total foreign investment upto 100% in Idea Cellular and total indirect FDI in its relevant subsidiaries – Aditya Birla Telecom and Idea Cellular Infrastructure Services.
The FDI approval is a major milestone in the merger process of Vodafone India with Idea Cellular, and follows other statutory approvals already received from the SEBI, NSE, BSE, CCI and NCLT Mumbai and NCLT Ahmedabad.
The merger of Vodafone India with Idea Cellular is in the final leg of regulatory approvals and is expected to complete in H1 CY18, subject to the final approval from the DoT.
Idea Cellular is the third largest wireless operator by subscribers in India with a Revenue Market Share (based on AGR) of approximately 17.1% of the Indian mobile telecommunications services industry (excluding wireline revenue for Bharat Sanchar Nigam Limited and Mahanagar Telephone Nigam Limited) for the Q3 FY18.
Idea is part of the Aditya Birla Group with operations in 35 countries and has business interests in, among others, mobile telecommunications, financial services, metal and mining, cement, carbon black, textiles, garments, chemicals and fertilizers sector.