The merger between Idea and Vodafone merger moved a step closer with the companies settling all their dues with the Department of Telecom (DoT) on Monday. This includes ₹3,926 crore in cash and ₹3,322 crore in bank guarantees, totalling ₹7,248 crore .
The dues relating to the administrative spectrum have been paid to DoT, sources close to the development told BusinessLine . Both operators had earlier urged the DoT to recalculate the amount due. But the DoT rejected the proposal.
The DoT had given a conditional nod to the merger earlier this month, with a demand of ₹7, 248-crore upfront payment.
The amount due was split between the two companies — ₹3,322 crore from Idea, on account of one-time spectrum charges and bank guarantee, and a cash payment of ₹3,926 crore from Vodafone towards the market price for non-auctioned radio waves.
Once approved, Vodafone Idea Ltd will be the largest telecom company with around 436 million customers, surpassing Bharti Airtel, with around 344 million customers.