The Department of Telecom has today cleared the Idea-Vodafone merger, which means their combined operating strength will become the largest in the country. Idea has been asked to pay Rs. 3,926 crore to Vodafone and also furnish a bank guarantee of Rs. 3,342 crore.
Their combined worth is estimated at about 1.5 lakh crore (23 billion USD) with approx. 35% market share and a subscriber base of 430 million users.
Both Idea and Vodafone have been facing major debts and this merger will be a relief sort for both of them.