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Tuesday, July 24, 2018

Vodafone, Idea pay ₹ 7,249 crore under protest for merger

Idea Cellular Ltd and Vodafone India Ltd have made a joint payment of ₹ 7,248.78 crore under protest to the department of telecom for merger of their mobile business.

“Idea Cellular and Vodafone have made payment under protest as demanded by the DoT for the merger. ₹ 3,926.34 crore have been paid in cash and bank guarantee of ₹ 3,322.44 crore have been furnished,” an Idea Cellular official confirmed the development.

On July 09,2018, the telecom department gave conditional approval for the Vodafone-Idea merger and asked the companies to meet the demand raised for taking the deal on record.

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