Vodafone India, Idea Cellular announce merger
In one of the biggest merger in the telecom space,
Idea Cellular in a regulatory filing on Monday said, its Board of Directors "have approved the scheme of amalgamation of
Vodafone will own 45.1 per cent of the combined company, Idea said in a statement.
"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
"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
"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.