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A day after the conditional approval of the Telecommunications Department (DoT) for the Vodafone India-Idea Cellular merger, the leaders of the British telecom giant said Tuesday that the merged entity would remain competitive in the Indian market . [19659002] Vodafone Group CEO Vittorio Colao and appointed CEO Nick Read met with Minister of Telecommunications Manoj Sinha and Secretary Aruna Sundararajan. After the meetings, Read said that they were happy to receive the letter and that the company would remain competitive after its merger with Idea Cellular.
Vodafone and Idea Cellular, however, can only operate as a single company until they pay more than Rs. 72 billion government than the single spectrum charges. When asked if the company would pay or challenge the request, Read and Colao did not comment. However, when asked if the new entity would be in place under his mandate, Colao said, "Yes. I am optimistic. "
ALSO READ: DoT gives a conditional eye check to the Vodafone-Idea Cellular merger
It will probably be the last visit to India for Colao as CEO of the Vodafone Group while & ### He is preparing to hand over the baton, and the Vodafone group's charismatic CEO, who is visiting India for three days with Read, is expected to hand over the group's operations to Read on 22 July, officials said. However, Colao will stay with the company until October to allow a smooth transition.
The Vodafone India team is expected to bid farewell to Colao on Wednesday while launching Read to everyone. 19659006] Vittorio Colao, CEO of Vodafone “clbad =” imgCont “height =” 464 “src =” https://bsmedia.business-standard.com/_media/bs/img/article/2018-07/10/full/1531236792-828.jpg “style =” bordure: 1px solide #DDD; marge-droite: 10px; rembourrage: 1px; float: à gauche; z-index: 0; “title =” PDG de Vodafone Vittorio Colao “width =” 620 “/>
Vittorio Colao, CEO of Vodafone
Asked about the plans of the Great Britain Telecom after the entry into force of the new entity, Read said that Vodafone had always been an investor strong in India and that it would remain so.
ALSO READ: AST seeks ASG's legal opinion on the Vodafone-Idea Cellular merger
The merger of Vodafone and Idea Cellular would create a telecommunications giant in a highly competitive market, where Bharti Airtel is the current leader and the latest entrant Reliance Jio is the disruptive. The merged entity, which will be called Vodafone Idea, will have about 433 million subscribers and a market share of about 37%.
As part of the merger agreement, Vodafone will hold a 45.1 stake in Aditya Birla Group led by Kumar Mangalam Birla will have 26% and Idea shareholders 28.9%. The Aditya Birla Group has the right to acquire up to 9.5 percent additional stake of Vodafone as part of an agreed mechanism to equalize equity interests over time.
The indebted companies Idea and Vodafone India are merging In 1965, the two companies announced a restructuring of the management team of the merged company, which should reduce the costs of their operations and relieve them of the fierce competition on the market. have Kumar Mangalam Birla at the helm as non-executive chairman. Vodafone insider and current Chief Operating Officer (India) Balesh Sharma will be the CEO of the entity resulting from the merger.
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