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Idea Cellular on Monday has announced that they have approved the merger with Vodafone India. This merger will create India’s largest telecom entity. Presently, Vodafone is the second largest operator while Idea ranks Third in the list.
“Vodafone will own 45.1% in the combined entity after transferring 4.9% to the promoters of Idea Cellular for ₹ 38,740 crores in cash post the merger. Kumar Mangalam Birla and other promoters of Idea Group will hold 26%, and the rest will be owned by the public,” Idea said in a statement. This comes in after facing stiff competition from the latest entrant, Reliance Jio.
The new merged entity will become India’s leading telecom operator with nearly 40 crore customers and would have 35% customer market share and 41% revenue market share. The new name of the merged entity will also be revealed in due course.
The promoters of Idea and Vodafone will have the power to nominate three directors each. Only the promoters of Idea will have sole rights to choose the chairman. Appointment of CEO and COO will require the approval of both. Vodafone India can appoint the CFO,
The merger should be completed within 24 months, that is in 2018, subject to approvals from shareholders, creditors, stock exchanges, SEBI, the telecom department and Competition Commission of India. This merger will exclude Vodafone India’s 42% stake in Indus Towers Ltd., a Joint Venture between Bharti Airtel, Vodafone and Idea.