Aditya Birla Group on Friday said that Vodafone India and Idea NSE 3.44 % Cellular have completed the merger to create the countey's largest telecom company with 408 million active subscribers and a revenue market share of 32.2%.
“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 VMSL (Vodafone Mobile services Ltd)and VIL (Vodafone India Ltd) with the Company has been completed,” said Idea Cellular in a regulatory filing on Friday.
Idea shares were up 0.5% at Rs50.10 on the BSE Friday in late trade.
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 and enabling a New India and meeting the aspirations of the youth of our country,” 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 that 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 touchpoints across the country.
“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 VMSL (Vodafone Mobile services Ltd)and VIL (Vodafone India Ltd) with the Company has been completed,” said Idea Cellular in a regulatory filing on Friday.
Idea shares were up 0.5% at Rs50.10 on the BSE Friday in late trade.
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 and enabling a New India and meeting the aspirations of the youth of our country,” 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 that 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 touchpoints across the country.
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