Mumbai: Idea Cellular Ltd and Vodafone India Ltd announced that the two companies will merge, creating India’s largest telecommunication company by customer and revenue market share.
The deal will see Aditya Birla Group, the promoters of Idea, gradually raising its stake in the combined entity while Vodafone Group will reduce its own, with the aim of both holding equal stakes over a period of time.
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he merger deal comes at a time when Mukesh Ambani’s telecom venture Reliance Jio has been threatening to severely jolt the telecom incumbents’ market share and profit through its fast-pace addition of subscribers since its commercial launch in September last year