Mobile giant Idea Cellular approved its amalgamation with Vodafone India and Vodafone Mobile Services.
The board of directors of Idea Cellular approved the scheme of amalgamation of Vodafone India Limited and its wholly owned subsidiary Vodafone Mobile Services Limited with the company.
Vodafone, Idea to have equal stakes in the merged entity over a period of time.
Kumar Mangalam Birla to be Chairman of the merged company, Vodafone to appoint CFO.
The turnover of Vodafone India is 5,025 crore rupees and ofVMSL is 40,378 crore.
Idea Cellular’s turnover is Rs 36,000 crore. Vodafone’s market share was 18.16 per cent with 204.68 million mobile customers and that of Idea was 16.9 per cent with 190.51 million at the end of December 2016, as per the TRAI data.
This merger will create the country’s biggest telecom services provider with a customer base of over 394 million.
At present, Airtel with a market share of 23.58 per cent and a customer base of 265.85 million is the country’s largest telecom player.
