The merger of Vodafone India and Idea Cellular, a merger company last year, has been completed and it has become India's number one company. The National Company Law Tribunal (NCLT) has also approved it. Prior to this, for the last 15 years, the number of telecom company Airtel has been snatched from India.
About this, Idea Cellular announced that they have completed the merger process with Vodafone India Limited and Vodafone Mobile Services Ltd. Balaash Sharma has been named as CEO for this. Both companies said in a joint statement that the 'Vodafone Idea Ltd.' was created after the merger. New Board of Directors has been created for this. There will be 12 directors (six independent directors included) and Kumar Mangalam Birla will be its chairman.
32.2 per cent market share
The company will have a 32.2 per cent market share in terms of income and the first in the nine telecom circles. Both brands will remain the Vodafone and Idea brands. The company's broadband network will be 3.4 million sites whereas the distribution network will be 17 million. According to the statement, the estimated revenue of Rs. 14,000 crores annually from Merger.
With a broad spectrum of 1850 MHz, these mergers will have a broad spectrum portfolio of 1,850 Mhz with two lakh mobile sites and about 2.35 lakh km of fibre. This will enable customers to get better service in terms of interaction and broadband. Overall, it will cover 92% of the country's population and its reach will be in 500,000 cities and villages.
The new company's CEO Balesh Sharma said, "We are committed to providing better service to both our retail and corporate clients. We will fulfil their emerging digital and contact needs through new products, services and solutions. "