Kumar Mangalam Birla to be chairman of merged Idea-Vodafone company

10 days ago | 20-03-2017 | IBNS



New Delhi, Mar 20 : Kumar Mangalam Birla will be the chairman of the telecom company formed with the merger of Idea Cellular and Vodafone, according to media reports.

Vodafone will appoint the CFO.

Vodafone will own 45.1 per cent of the merged entity, after it transfers about 4.9 per cent to promoters of Idea and/or their affiliates for Rs 38.74 billion ($592.15 million) in cash, Idea said.

Idea Cellular, the third largest mobile operator in India and the Indian unit of British telecom company Vodafone on Monday announced a merger, creating the countrys largest telecom operator in the face of the growing might of Reliance Communications Jio, reports said.

At present, Vodaphone is the second largest telecom operator in India, a slot behind Bharti Airtel.

The new entity will likely have around 40 crore customers or nearly one in every three customers in the country.

The combined entity of Aditya Birla groups Idea Cellular and Vodafone India will also have pan-India 3G/4G footprint, the companies said in a statement.