Idea shareholders approve merger with Vodafone

New Delhi Oct 14: The merger of the telecom Companies Vodafone and Idea has moved one step closer as Idea Cellular company shareholders approved the merger.The company has confirmed the matter in a regulatory filing.

Aditya Birla group on Friday has said that "over 99 percent of Idea shareholders voted in favor of the merger at the shareholders meeting on 12 October 2017".

Earlier Both telcos have approached the National Company Law Tribunal (NCLT) seeking its nod and NCLT has ordered the meeting of the Idea shareholders.In the next step, they need a final approval from the Department of Telecom.

Earlier this year Indias No 2 and No 3 telecom operators have agreed to merge their operations to create the country's largest telecom operator worth of more than $23 billion with a 35 percent market share.