March 29, 2024 20:35 (IST)
Follow us:
facebook-white sharing button
twitter-white sharing button
instagram-white sharing button
youtube-white sharing button
PM Modi to kickstart BJP's Lok Sabha poll campaign from Meerut | Kangana Ranaut in Mandi: 'Don't think I am a heroine, consider me as your sister and daughter' | Mayawati, Akhilesh Yadav demand high-level probe into Mukhtar Ansari's death | PM Modi has mastered art of manipulating democracy, hurting Constitution: Mallikarjun Kharge | Mafia-turned-politician Mukhtar Ansari dies of cardiac arrest at 63
Vodafone, Idea begin merger talks

Vodafone, Idea begin merger talks

India Blooms News Service | | 30 Jan 2017, 07:56 pm
Mumbai, Jan 30 (IBNS): In a major move in the telecom sector, Britain's Vodafone Group on Monday announced that it is in discussions to merge its Indian unit with Idea Cellular Ltd.

The move is being made at a time when the Indian telecom paradigm is witnessing major price war since the launch of Reliance Jio Infocomm.

"Vodafone confirms that it is in discussions with the Aditya Birla Group about an all share merger of Vodafone India (excluding Vodafone's 42% stake in Indus Towers) and Idea," the company said in a statement on Monday.

"Any merger would be effected through the issue of new shares in Idea to Vodafone and would result in Vodafone deconsolidating Vodafone India," the company further said in a statement.

The Indian telecom sector witnessed a major announcement last year when Reliance Jio services were launched.

It offered free voice calls and cut-price data services to consumers until Dec 31, 2016, as part of the 'Jio welcome offer'.

The service has been extended till Mar 31.

The move forced other major telecom operators-Bharti Airtel, Vodafone and Idea- to reduce its prices.

 

Support Our Journalism

We cannot do without you.. your contribution supports unbiased journalism

IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.

Support objective journalism for a small contribution.