Vodafone India and Idea Cellular have finally completed their $23 billion merger after the National Company Law Tribunal approved their request to join forces in becoming the number one telecom service provider in India.
The new entity will be listed as Vodafone Idea Ltd and will have a base of over 400 million subscribers (35% subscriber market share and 32,2% of the market revenue share), surpassing the long-time market leader Bahrati Airtel. The rival that aroused the idea for the merger with its successful entry into the market, Reliance Jio, is left in third place.
“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,” commented the chairman of the new board of directors, Kumar Mangalam Birla.
According to the Economic Times, Vodafone Idea should begin operating on the 3rd of September 2018 with an extensive distribution network of 1,7 million retail and 15,000 branded stores all over the country.