Vodafone-Idea Merger: DOT may approve by the end of this month

The merged entity will have 410 million customers and nearly 42 percent customer market share (CMS) and nearly 37 percent revenue market share (RMS).

    The telecom ministry is likely to approve the merger between Idea Cellular and Vodafone India by the end of this month, ET reported.

    Vodafone-Idea Merger:  DOT may approve by the end of this month

     

    The report said that "The final approval should come within this month."

    In fact Telecom Secretary Aruna Sundararajan recently said that, "The Idea-Vodafone merger is in the final stages of approval, because they've got the NCLT and Sebi clearances, but there are some FDI approvals that are involved, there's liberalization of licenses, so there are a number of clearances and not a one-step clearance, so we're in the process of expediting it."

    The merger has been already approved by NCLT, Sebi, and CCI. The merged entity will have 410 million customers and nearly 42 percent customer market share (CMS) and nearly 37 percent revenue market share (RMS).

    To recall, Idea Cellular and Vodafone Group Plc announced the proposed leadership team of the combined business, that will have Kumar Mangalam Birla as the non-executive Chairman, while Balesh Sharma (currently Chief Operating Officer of Vodafone India) will be the CEO and he will be responsible for the combined business strategy and its execution as well as driving integration.

    The existing leadership teams of Idea Cellular and Vodafone India will continue to manage their separate businesses and be accountable for each company's operational performance until the merger becomes effective.

    It is only upon completion of the merger that the two businesses will cease to operate as distinct and competing entities. Chief Financial Officer (CFO) at Idea, Akshaya Moondra will take charge as CFO of the new company.

    Current Deputy managing director of Idea, Ambrish Jain will take charge as Chief Operating Officer of the new company.

    Xiaomi Redmi 5, a budget category smartphone

    However, Sunil Sood will join the Vodafone Group AMAP Leadership Team and also help governance through Board memberships. The Aditya Birla Group intends to nominate Himanshu Kapania as the non-executive Board member of the merged entity.

    Opinion Poll
    X

    Stay updated with latest technology news & gadget reviews - Gizbot

    We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Gizbot sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Gizbot website. However, you can change your cookie settings at any time. Learn more