In one of the greatest merger in the telecom space, Vodafone India and Aditya Birla Group-advanced Idea Cellular on Monday declared the abundantly anticipated amalgamation.
Thought Cellular in an administrative documenting on Monday stated, its Board of Directors "have affirmed the plan of amalgamation of Vodafone India Limited and its completely claimed auxiliary Vodafone Mobile Service Limited with the organization (Idea)."
Vodafone will claim 45.1 for every penny of the joined organization, Idea said in an announcement.
"The Aditya Birla Group will then possess 26 for every penny and has the privilege to secure more shares from Vodafone under a concurred component with a view to leveling the shareholdings after some time," it included.
"For Idea shareholders and loan specialists who have bolstered us so far, this exchange is exceptionally accretive, and Idea and Vodafone will together make an extremely significant organization given our reciprocal quality," said Kumar Mangalam Birla, Chairman, Aditya Birla Group.
"The mix of Vodafone India and Idea will make another champion of Digital India established with a long haul responsibility and vision to convey world-class 4G systems to towns, towns and urban communities crosswise over India," said Vittorio Colao, Chief Executive, Vodafone Group Plc.
"The consolidated organization will have the scale required to follow manageable shopper decision in an aggressive market and to extend new advancements -, for example, versatile cash administrations - that can possibly change day by day life of each Indian," he included.
