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20
March 2017
In
one of the biggest merger in the telecom space, Vodafone India and Aditya Birla
Group-promoted Idea Cellular on Monday announced the much-awaited amalgamation.
Idea
Cellular in a regulatory filing on Monday said, its Board of Directors
"have approved the scheme of amalgamation of Vodafone India Limited and
its wholly owned subsidiary Vodafone Mobile Service Limited with the company
(Idea)." The Total Investment & Insurance
Solutions
Vodafone
will own 45.1 per cent of the combined company, Idea said in a statement.
"The
Aditya Birla Group will then own 26 per cent and has the right to acquire more
shares from Vodafone under an agreed mechanism with a view to equalising the
shareholdings over time," it added. The
Total Investment & Insurance Solutions
"For
Idea shareholders and lenders who have supported us thus far, this transaction
is highly accretive, and Idea and Vodafone will together create a very valuable
company given our complementary strength," said Kumar Mangalam Birla,
Chairman, Aditya Birla Group.
"The
combination of Vodafone India and Idea will create a new champion of Digital
India founded with a long-term commitment and vision to bring world-class 4G
networks to villages, towns and cities across India," said Vittorio Colao,
Chief Executive, Vodafone Group Plc.
"The
combined company will have the scale required to ensue sustainable consumer
choice in a competitive market and to expand new technologies - such as mobile
money services - that have the potential to transform daily life of every Indian,"
he added.The Total Investment & Insurance
Solutions
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