vodafone confirms merger talks with indias idea
Thursday 2 January 2025
Last Updated : GMT 06:49:16
Arab Today, arab today

Vodafone confirms merger talks with India's Idea

Arab Today, arab today

Arab Today, arab today Vodafone confirms merger talks with India's Idea

Vodafone
London - AFP

British mobile phone giant Vodafone said Monday that it was in talks to merge its Indian unit with Idea Cellular in a move that would create India's largest telecoms company.

The confirmation ended months of speculation that the two operators were exploring a deal to help fend off Reliance Jio whose recent arrival shook up India's ultra-competitive mobile network market.

It also sent Idea shares soaring by a whopping 26 percent on the Bombay Stock Exchange (BSE).

"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," Vodafone said in a statement.

"Any merger would be effected through the issue of new shares in Idea to Vodafone and would result in Vodafone de-consolidating Vodafone India.

"There is no certainty that any transaction will be agreed, nor as to the terms or timing of any transaction," the statement added.

A merger between Vodafone India and the Mumbai-based Idea Cellular would turn India's multi-billion dollar telecommunications market on its head, according to global brokerage firm CLSA.

The group of analysts has estimated that the pair would command a combined revenue market share of 43 percent, ahead of rival Bharti Airtel, which would hold 33 percent.

Reliance Jio, which began operations with great fanfare last year and is owned by India's richest man Mukesh Ambani would have 13 percent, according to CLSA's research.

The 4G Jio network launched in September with an audacious free service for the rest of 2016, followed by vastly cheaper data plans and free voice calls for life.

It forced rivals to dramatically slash their tariffs and left them scrambling to match the deep pockets of Jio, which is backed by India's hugely wealthy energy-to-chemicals conglomerate Reliance Industries.

In afternoon trade Idea stocks were up 26.86 percent, or 20.90 points at 98.70 rupees on the BSE's Sensex index following the announcement.

Vodafone was trading up three percent at 199.15 pence on the London Stock Exchange in early morning trade.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

vodafone confirms merger talks with indias idea vodafone confirms merger talks with indias idea

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

vodafone confirms merger talks with indias idea vodafone confirms merger talks with indias idea

 



GMT 03:33 2017 Thursday ,21 September

Asia bourses falter despite rising oil prices

GMT 11:27 2016 Monday ,19 December

Test win too close for comfort

GMT 19:15 2017 Thursday ,16 February

18 EU consuls in Hurghada to stand on security measures

GMT 14:04 2012 Monday ,20 February

NAHDA lacks political competence

GMT 09:59 2017 Monday ,27 February

Abou Treika is free to enter Egypt

GMT 01:21 2017 Monday ,16 January

PLO welcomes Paris conference statement, Hamas says

GMT 12:23 2016 Monday ,21 November

DEWA inaugurates Innovation Week

GMT 16:18 2017 Wednesday ,12 July

Nelly Kareem is keen to participate in cinema

GMT 12:07 2018 Tuesday ,04 December

Israel launches operation to destroy Hezbollah tunnels

GMT 19:58 2018 Monday ,29 October

Muttaz Affirms Importance of Statistics in Planning

GMT 21:32 2018 Friday ,19 January

Saudi-Turkmen relations discussed

GMT 20:33 2011 Tuesday ,19 April

Euro edges back against dollar at $1,4257

GMT 09:19 2017 Thursday ,09 March

ECB set to hold course in face of mounting pressure

GMT 09:50 2017 Saturday ,05 August

Al Shenawy denies clashes with colleagues

GMT 14:53 2011 Sunday ,31 July

Things to do this Ramadan

GMT 12:18 2017 Saturday ,05 August

US warplanes pound Daesh camp in Libya
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday