August 30, 2018 / 11:15 AM / in 8 months

Indian tribunal approves Idea-Vodafone merger - TV

Aug 30 (Reuters) - India’s National Company Law Tribunal (NCLT) has approved the merger of Idea Cellular Ltd and the Indian unit of Vodafone Group Plc, according to television channels.

Idea, a part of the Aditya Birla conglomerate, and Vodafone signed a merger agreement last year, which could create the country’s biggest telecom operator.

The merger followed a broader trend by India’s network operators, who are rushing to consolidate amid a year-long price war sparked by the entry of billionaire Mukesh Ambani’s Reliance Jio.

Idea was not immediately reachable, while Vodafone had no immediate comment when contacted by Reuters. (Reporting By Arnab Paul in Bengaluru; Additional reporting by Liz O’Leary in Edinburgh, Editing by Sherry Jacob-Phillips)

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