Rising Rajasthan Summit: Business leaders commit over Rs 10 lakh crore investments
Speaking at the inaugural session, Karan Adani, CEO of Adani Group, announced a massive Rs 7.5 lakh crore investment plan for Rajasthan.
Vodafone Group Plc and Idea Cellular Thursday announced the proposed leadership team of the combined business, which will come into effect after the Vodafone-Idea merger has been completed. Aditya Birla Group Chairman Kumar Mangalam Birla will be the non-executive chairman of the merged company. The development is in line with the original merger announcement of 20 March, 2017, which said the management team of the combined business would be confirmed prior to closing.
“Vodafone and Idea continue to make good progress in securing the required regulatory approvals for the merger… and completion is expected to be in the first half of the current calendar year,” said press release issued by Vodafone.
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The existing leadership teams of Idea Cellular and Vodafone India will continue to manage their separate businesses and be accountable for each company’s operational performance until the merger becomes effective. It is only upon completion of the merger that the two businesses will cease to operate as distinct and competing entities.
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In a joint styatement, Kumar Mangalam Birla and Vodafone Group Chief Executive Vittorio Colao said, “We are pleased to announce the proposed management team for the new company to be created through the merger of Vodafone India and Idea. The team has extensive operational experience and is an excellent blend of expertise from both companies. We look forward to the completion of the merger and competing as one company in the marketplace.”
Balesh Sharma, currently the Chief Operating Officer of Vodafone India, will be the CEO of the new company. CFO Akshaya Moondra, currently Chief Financial Officer at Idea, and COO Ambrish Jain, currently Deputy Managing Director at Idea, will report to him.
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