Vodafone-Idea merger gets nod from Competition Commission

The Competition Commission of India on Monday approved the merger of Vodafone India and Aditya Birla Group's Idea Cellular. The $23 billion transaction will create India's largest telecom company with a 35% customer and 41% revenue market share. Post the transaction, Vodafone will own 45.1% stake in the merged entity while Aditya Birla group will have 26% shareholding.