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

Why Idea Cellular share price surged a whopping 18% today

"DoT will raise demand for around Rs 2,100 crore bank guarantee from Idea Cellular before&nbsp;merger of Vodafone India. The amount pertains to&nbsp;one time spectrum fee of Idea Cellular. Idea Cellular will be asked to replace&nbsp;one year&nbsp;bank guarantee of Vodafone India submitted for deferred spectrum payment," the government source told PTI.

DoT seeks Rs 2,100 cr bank guarantee from Idea to clear Vodafone merger deal

The merger of Idea and Vodafone India that was scheduled for completion in March 2018 may start operations soon after in April. 
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The go-head from Sebi and the exchanges will allow the the $23 billion merger deal between Idea Cellular and Vodafone India to go ahead.

Idea-Vodafone merger gets go-ahead from Sebi, exchanges

In May, Idea Cellular and Vodafone India had approached CCI regarding the proposed merger and were awaiting the fair trade regulator's nod in this regard.

Idea Cellular hopes to complete merger with Vodafone India by 2018

In March, Aditya Birla Group's telecom arm, Idea Cellular had informed the regulatory bodies that its board of directors have approved the merger of Vodafone India and its wholly-owned subsidiary Vodafone Mobile Services with itself.

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In March, Vodafone India and Idea Cellular announced merger of their operations to create the country's largest mobile phone operator worth more than USD 23 billion with a 35 per cent market share.

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Telecom Minister Manoj Sinha, however, said in a written reply in Parliament that there was no such proposal at present for the merger of BSNL and MTNL.

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This week`s $23 billion tie-up between Idea Cellular, controlled by the Aditya Birla Group, and the Indian business of Vodafone Group, is the latest example of a trend that is squeezing major international investment banks.

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idea-vodafone-merger

VIL plans to further strengthen its local presence and enhance engagement with mobile users by expanding its retail footprint.

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

"DoT will raise demand for around Rs 2,100 crore bank guarantee from Idea Cellular before merger of Vodafone India. The amount pertains to one time spectrum fee of Idea Cellular. Idea Cellular will be asked to replace one year bank guarantee of Vodafone India submitted for deferred spectrum payment," the government source told PTI.

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Idea-Vodafone merger News- Zee Business provides latest news on Idea-Vodafone merger, Idea-Vodafone merger news Today, Top News on Idea-Vodafone merger, update on Idea-Vodafone merger Stay updated with business news, breaking news headlines.

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Idea-Vodafone Merger

Voda Idea expands retail presence with 300 new 'Vi shops' in rural markets across 5 circles

Vodafone Idea share price: Sanjiv Bhasin sets BIG target - check here | Bhasin Ke Hasin Share

Vodafone India-Idea Cellular merger: NCLT clear the mega deal, paves way for creation of India's largest telecom operator

Why Idea Cellular share price surged a whopping 18% today

DoT seeks Rs 2,100 cr bank guarantee from Idea to clear Vodafone merger deal

Idea-Vodafone entity to get the show on the road by April?

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