Idea Mobile Commerce to merge with Aditya Birla Idea Payments Bank

Idea Cellular’s board has approved the proposed merger of Idea Mobile Commerce Services Limited (IMCSL) with Aditya Birla Idea Payments Bank Limited (ABIPBL). At present, IMCSL manages the operator’s digital wallet Idea Money. APIPBL was formed in February 2016 as a JV between Idea’s promoter Aditya Birla Nuvo and Idea Cellular. Upon completion of the merger, ABIPBL will issue equity shares to Idea Cellular in lieu of its existing shareholding in IMCSL. Following the completion of the merger of IMCSL and ABIPBL, Idea Cellular will hold 49 per cent equity in ABIPBL.

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