Vodafone India and Idea Cellular today officially announced in New Delhi their merger in the mobile phone sector to create a new leading operator in the Indian market with an annual turnover equivalent to 25,6 billion euros.
From the respective official press releases it emerges that within a few years the two companies will have the same shareholding in the new entity, but that for the moment Vodafone India will have 45,1% of the share package and Idea Cellular, controlled by the Aditya Birla group, on 26 %, with the right, however, to acquire further shares from the partner in the future, on the basis of an agreed mechanism.
The president of the company will be Kumar Mangalam Birla, while Vodafone will soon appoint a finance manager.
Commenting on the merger, reports the Ians news agency, Vittorio Colao, CEO of the Vodafone group, declared that “the combination of Vodafone India and Idea will create a new leading enterprise in 'Digital India' founded on a long-term commitment and a vision to bring world-class 4G networks to villages, cities and metropolises across India”.
