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Vodafone plans to invest Rs. 8,000 crore in India
The merger between both companies (Idea and Vodafone) was announced in March 2017 and it is under the last leg of ministry's approval.
UK based telecom major Vodafone plans to invest €1 billion or about ₹8,000 crore in the proposed merged entity with Idea Cellular.
"Idea's equity raise of €0.8 billion in January 2018, which Vodafone Group will match at the time the merger closes; combined with other adjustments, we currently estimate a net capital injection into India of up to €1 billion at closing in June 2018, Vodafone Chief Financial Officer Nick Read said in the annual report.
Vodafone said: "The option to sell Idea's 11.15 percent stake in Indus Towers to Bharti Infratel for approximately €0.8 billion in cash (based on the announcement on 25 April 2018); alternatively, the JV can elect to receive shares in the enlarged Indus Towers Ltd when the merger between Indus Towers and Bharti Infratel completes (by the end of fiscal 2019, subject to regulatory and other approvals).
Furthermore, the company informed Idea's equity raise of 0.8 billion euro in January 2018, which Vodafone Group will match at the time the merger closes; combined with other adjustments, we currently estimate a net capital injection into India of up to 1 billion euro at closing in June 2018, he said.
Given the high competitive intensity and regulatory pressure, Vodafone India's service revenue contracted by 19 percent and adjusted EBITDA by 35 percent on an organic basis during the year, while Idea Cellular reported similar financial performance, Nick Read added.
The merger between both companies (Idea and Vodafone) was announced in March 2017 and it is under the last leg of approval.
However the merger has been already approved by NCLT, Sebi, and CCI and merged entity will have 410 million customers and nearly 42 percent customer market share (CMS) and nearly 37 percent revenue market share (RMS).
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99,999
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1,29,999
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69,999
-
41,999
-
64,999
-
99,999
-
29,999
-
63,999
-
39,999
-
1,56,900
-
79,900
-
1,39,900
-
1,29,900
-
65,900
-
1,56,900
-
1,30,990
-
76,990
-
16,499
-
30,700
-
12,999
-
62,425
-
1,15,909
-
93,635
-
75,804
-
9,999
-
11,999
-
3,999
-
2,500
-
3,599
-
8,893