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Idea, Vodafone announce merger to create India's largest telco

In one of the biggest mergers in the telecom space, Vodafone India and Aditya Birla Group-promoted Idea Cellular on Monday announced their much-awaited amalgamation. Kumar Mangalam Birla, Chairman of the Aditya Birla Group, will be its Chairman. "Vodafone Group and Idea Cellular announced they have reached an agreement to combine their operations in India (excluding Vodafone's 42 per cent stake in Indus Towers) to create India's largest telecom operator," a joint statement by the companies said. "The combined company would become the leading communications provider in India with almost 400 million customers, 35 per cent customer market share and 41 per cent revenue market share," it added. Idea Cellular in a regulatory filing said its Board of Directors "has approved the scheme of amalgamation of Vodafone India Ltd and its wholly owned subsidiary Vodafone Mobile Service Ltd with the company (Idea)". The merger will create an entity with