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Idea Cellular, Vodafone to merge, create India's largest telco
Idea Cellular on Monday announced that its board has approved the merger of Vodafone India and its wholly-owned subsidiary Vodafone Mobile Services Limited with itself in the process creating the country's largest telecom entity. Vodafone will hold 45 percent in the combined entity. Idea promoters will hold a 26 percent in the combined entity.
AB Group will have the right to buy 9.5 percent stake in the entity at Rs 130 per share. Under the terms of the agreement, the merger should be completed within 24 months.