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.
REUTERS
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Consumer & Healthcare
Gucci-owner Kering posts 10% drop in Q1 sales on sluggish Chinese demand
China bubble-tea chain Chabaidao plunges on Hong Kong debut
Japan’s 7-Eleven convenience chain targets aggressive global growth
Parental fury after stem cell bank ruins thousands of samples in Singapore
China’s bubble tea boom creates a half-dozen billionaires
US sues to block Coach owner’s US$8.5 billion buyout of Versace parent