India`s antitrust regulator has approved the merger of Vodafone Group Plc`s Indian unit with Idea Cellular, a lawyer representing Vodafone in the matter said on Monday.
In March, Vodafone India and Idea agreed to merge operations in a $23 billion deal, creating the country`s biggest telecom player after the entry of new entrant Reliance Jio sparked a price war.
The deal has been pending Competition Commission of India (CCI) approval, along with other regulatory clearances.
Shweta Shroff Chopra, a partner at Shardul Amarchand Mangaldas, which is representing Vodafone, said the CCI approval is a very welcome development for both the Indian M&A landscape and the telecom sector, and will serve to fuel more investment into the telecom sector in India.
A separate source told Reuters earlier on Monday that the deal had been approved by CCI.
The two companies did not immediately respond to requests for comment.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)