Idea Vodafone mergered Kumar Mangalam Birla to be chairman - Startup news, funding, investment, entrepreneurs, earn money, technology etc


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Monday, March 20, 2017

Idea Vodafone mergered Kumar Mangalam Birla to be chairman

Kumar Mangalam Birla will be the chairman of Idea Vodafone mergered company while Vodafone will appoint a CFO. Now it will become the largest telecommunications player in India with about 400 million customers which is more than Bhariti Airtel.

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The combined company would become the leading communications provider in India with almost 400 million customers, 35% customer market share and 41% revenue market share.

Aditya Birla Group Chairman, Kumar Mangalam Birla said, 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 strengths.

As per terms of the deal, Vodafone will own 45.1% of the merged entity and Idea will have a 26 percent stake, while the rest will be owned by public shareholders after the merger. Idea Cellular has the right to acquire more shares from Vodafone under an agreed mechanism with a view to equalising the shareholdings over time.

Vodafone India has been valued at Rs 82,800 crore ($12.4 billion), while Idea has been valued at Rs 72,200 crore ($10.8 billion).

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