Mumbai: Merger of Vodafone India and Idea Cellular has been completed, creating the country’s largest telecom company with 408 million active subscribers and a revenue market share of 32.20 per cent, Aditya Birla Group said on Friday.
”We wish to inform you that pursuant to filing of the NCLT orders with the relevant Registrars of Companies on 31st August, 2018, the scheme has become effective on even date and the merger of Vodafone Mobile services Ltd (VMSL) and Vodafone India Ltd (VIL) withthe Company has been completed,” said Idea Cellular said in a filing with BSE.
The new board of 12 directors (including six Independent directors) of just merged Vodafone Idea met on Friday morning with Kumar Mangalam Birla as the chairman.
”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. It is about our Vision of empowering andenabling a New India and meeting the aspirations of the youth of our country,” The ‘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” said Birla. ”As Vodafone Idea, we are partnering in this initiative by building a formidable company of international repute,scale and standards,” he added.
The new company will be headed by Balesh Sharma who said the, ”company has the scale and resources to ensure sustainable customer choice and introduce new technologies”. He added that the new team will cater to both retail and enterprise customers with ”new products, services and solutions”.
Vodafone Idea will have a spread of 15,000 branded stores and 1.7 million retail touch points across the country.
In the joint entity , UK based Vodafone Group owns 45.2 per cent stake while Aditya Birla Group has 26 percent stake , both on fully diluted basis.
The National Company Law Tribunal (NCLT) on Thursday had approved the merger of Idea Cellular and Vodafone India, clearing the last hurdle to allow the creation of India’s largest mobile phone companywith the most number of subscribers and revenue share, displacing Bharti Airtel which has held the top spot for some 15 years.
