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Vodafone to merge India operations with Idea Cellular
[MUMBAI] 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 per cent of the merged entity, after it transfers about 4.9 per cent to promoters of Idea and/or their affiliates for 38.74 billion rupees (S$827.96 million) in cash, Idea said.
Idea will have the sole right to appoint the chairman Shares in Idea rose as much as 14.25 per cent immediately after the merger news but gave up gains to be trading up 3.8 per cent at 0355 GMT.