Blow To Idea-Voda Merger As Telecom Dept To Seek Rs 4,700 Crore
The mega-merger of Idea Cellular Ltd. and Vodafone India Ltd. may not meet the expected June 30 deadline as the Telecom Department is looking to raise a fresh demand of around Rs 4,700 crore, according to a person familiar with the development.
The demand will be raised from Vodafone India before its merger with Idea Cellular.
"Vodafone India had merged its arms into one company and there are dues of around Rs 4,700 crore related to one-time spectrum charges on the company. The Telecom Department will ask Vodafone to either clear dues or furnish bank guarantee before merger with Idea," the person said on condition of anonymity.
In 2015, Vodafone had merged its four subsidiaries Vodafone East, Vodafone South, Vodafone Cellular and Vodafone Digilink with Vodafone Mobile Services, which is now called Vodafone India.
The mega-merger of Idea Cellular Ltd. and Vodafone India Ltd. may not meet the expected June 30 deadline as the Telecom Department is looking to raise a fresh demand of around Rs 4,700 crore, according to a person familiar with the development.
The demand will be raised from Vodafone India before its merger with Idea Cellular.
"Vodafone India had merged its arms into one company and there are dues of around Rs 4,700 crore related to one-time spectrum charges on the company. The Telecom Department will ask Vodafone to either clear dues or furnish bank guarantee before merger with Idea," the person said on condition of anonymity.
In 2015, Vodafone had merged its four subsidiaries Vodafone East, Vodafone South, Vodafone Cellular and Vodafone Digilink with Vodafone Mobile Services, which is now called Vodafone India.
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