Kumar Mangalam Birla to be chairman of Idea-Vodafone
Kumar Mangalam Birla, chairman of Aditya-Birla Group Idea Cellular, will be the chairman of the new entity – Idea Cellular-Vodafone India, one of…
SNS | New Delhi | March 20, 2017 7:03 am
Kumar Mangalam Birla, chairman of Aditya-Birla Group Idea Cellular, will be the chairman of the new entity – Idea Cellular-Vodafone India, one of the biggest telecom merger announced on Monday.
“I am pleased and honoured to be the chairman of the new company,” said Birla on Monday.
“It gives me immense pleasure that we reached to an agreement to merge our companies Idea Cellular and Vodafone. We are number two and number three companies at present in the telecom sector with a customer base of 400 million,” he added.
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Meanwhile, Vodafone will appoint a CFO.
Vodafone will own 45.1 per cent of the combined company, Idea said in a statement.
"The Aditya Birla Group will then own 26 per cent and has the right to acquire more shares from Vodafone under an agreed mechanism with a view to equalising the shareholdings over time," it added.
"For Idea shareholders and lenders who have supported us thus far, this transaction is highly accretive, and Idea and Vodafone will together create a very valuable company given our complementary strength," Birla said.
"The combination of Vodafone India and Idea will create a new champion of Digital India founded with a long-term commitment and vision to bring world-class 4G networks to villages, towns and cities across India," said Vittorio Colao, Chief Executive, Vodafone Group Plc.
Anant National University's recent endeavour, IDEA: International Designers Explore, Experiment, Educate at Anant, proved to be a dynamic experience for both guest designers and students as they delved into innovative design approaches and grappled with the intricate dynamics of identity in today’s globalized landscape.
Coming as a relief for the debt-ridden Vodafone Idea, the company’s board has approved raising of Rs 2,075 crore from promoter Aditya Birla group and increasing its authorised share capital to Rs 1 lakh crore.
Assessing a country only by some instances of failures while ignoring numerous instances of successes is unfair. Most Indians would disagree that our judiciary or media lack independence or that all our academic institutions have been infiltrated by the RSS and are being politically indoctrinated, as the report alleges. They probably reflect the inherent Western bias against India rather than the reality of life