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Sunday, March 19, 2017

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Merger of Vodafone and Idea become biggest Telecom in India

Idea Cellular and the Indian unit of British telecom company Vodafone today announced a merger, creating India's largest telecom operator.

The merger will create India's largest telecom operator with widest network in the country and pan-India 3G/4G footprint, the companies said in a statement.

The board of Idea Cellular today okayed the scheme of amalgamation with Vodafone India and it's subsidiaries, creating an entity with a revenue of around Rs 77,500-80,000 crore.

Vodafone will own 45 per cent of the combined entity and Idea and Vodafone will have the right to nominate 3 directors each. The deal excludes Vodafone's 42 per cent stake in tower company Indus Towers.

The combined entity will have 40 crore customers or nearly one in three customers in India.

Ever since Reliance Jio announced its commercial operations launch, the buzz around a merger of both the companies had got louder.

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