Vodafone, Idea merge; overtake Bharti

Idea Cellular has merged Vodafone India with itself to create the country’s largest telco with a subscriber base of 408 million, overtaking Bharti Airtel. The merged entity, Vodafone Idea Ltd., will have Kumar Mangalam Birla as the chairman. However, both Vodafone and Idea that have a strong consumer base across metro, urban, rural and interior markets, will continue to exist. “Today, we have created India’s leading telecom operator. It is truly a historic moment. And this is much more than just about creating a large business,” Mr. Birla said at the announcement of the merger. “It is about our vision of empowering and enabling a New India and meeting the aspirations of the youth of our country. Digital India, as our Honourable Prime Minister describes it, is a monumental nation building opportunity. As Vodafone Idea, we are partnering in this initiative by building a formidable company of international repute, scale and standards.” Vodafone Idea will accelerate India’s progression towards a digital economy, enabling millions of citizens to connect to the digital revolution and build a better tomorrow, the company said in a statement adding that it would continue to offer a wide variety of digital services and solutions under “both of our popular and loved brands (Vodafone and Idea).”

Source : https://www.thehindu.com/todays-paper/tp-business/vodafone-idea-merge-overtake-bharti/article24836915.ece

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