Idea Cellular Ltd. on Monday received approval from the Department of Telecom (DoT) to increase Foreign Direct Investment (FDI) limit in the company to 100% from the current 67.5%.
“The approval is for total foreign investment up to 100% in Idea Cellular Ltd., and total indirect FDI in its relevant subsidiaries — Aditya Birla Telecom Ltd. and Idea Cellular Infrastructure Services Ltd.,” the company said in a statement. The FDI approval is a milestone in the merger process of Vodafone India with Idea Cellular, and follows other statutory approvals received from SEBI, NSE, BSE, CCI and NCLT Mumbai and NCLT Ahmedabad.