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Business & Finance

Vodafone to merge India operations with Idea Cellular

Published March 20, 2017 Updated March 20, 2017 04:23am
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By Imad Uddin
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imageMUMBAI: Britain's Vodafone Group will merge its Indian subsidiary with local rival Idea Cellular within two years, Idea said on Monday.

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

Idea will have the sole right to appoint the chairman

Shares in Idea rose as much as 14.25 percent immediately after the merger news but gave up gains to be trading up 3.8 percent at 0355 GMT.

Copyright Reuters, 2017

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