Vodafone-Idea Merger Completed; Vodafone Idea Limited Takes Lead As Largest Telecom Service Provider in India, Beats Airtel

The big telecom merger between Vodafone and Idea is finally complete. With the merger now done, the new company, Vodafone Idea Limited, has become the largest telecom service provider with over 408 million subscribers and a revenue market share of 32.2 per cent. It has already knocked out Airtel, which was currently India’s top telecom service provider. The merger will be headed by Balesh Sharma, CEO, who has been appointed by the new board of directors consisting of 12 members, where Kumar Mangalam Birla is the Chairman of the board. Idea, Vodafone Pay Rs 7,249 Crore Under Protest to Department of Telecom for Merger.

"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. The 'Digital India', as our Honourable Prime Minister describes it, is a monumental nation-building opportunity. As Vodafone Idea, we are partnering in this initiative by building a formidable company of international repute, scale and standards," Kumar Mangalam Birla, Chairman of Vodafone Idea Limited, mentioned during the announcement. Idea Cellular Q1 Total Income at Rs 263 Cr.

With Airtel out of its ways, the only competitor standing is Reliance Jio. The newly formed alliance called Vodafone Idea Ltd mentioned during the announcement that it would provide a wide variety of digital services and solutions to its subscribers. The company further suggested that to ease their users in connectivity, they will be establishing more than 15,000 branded stores and 1.7 million retail touch points across the country.

(The above story first appeared on LatestLY on Aug 31, 2018 03:06 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).