The merger of Vodafone India with telecom peer Idea Cellular is inching towards a closure, with the companies only “awaiting approvals from NCLT [National Company Law Tribunal] and DoT [Department of Telecommunications],” said Sunil Sood, Vodafone India MD and CEO, while declining to comment on the timeline of the final merger.
“Most of the approvals for the merger are already in place. We are now awaiting approvals from NCLT and DoT,” said Sunil Sood, Vodafone India MD and CEO, while declining to comment on the timeline of the final merger.
Earlier this year, Vodafone India and Idea Cellular had agreed to merge their operations to create the country’s largest telecom operator worth more than US$23 billion with a 35% market share. The combined entity of Vodafone India and Idea Cellular, which are currently India’s number 2 and 3, respectively, would dislodge Bharti Airtel to counter the fierce price war in the world’s second-largest telecom market with total number of customers at 400 million. The deal gives Vodafone India an implied enterprise value of ₹82,800 crore (US$12.8 billion) and Idea ₹ 72,200 crore (US$11.2 billion).
On Tuesday, October 31, Vodafone India announced their new brand positioning as part of their global shift towards a new identity with the company changing it’s tagline from ‘Power To You’ to ‘Future is Exciting. Ready?’.
Full Content: New Indian Express
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