New Delhi: India's largest telecom company, Idea cellular and British company based unit Vodafone merging soon to hit market. The authorities confirmed the merging, reports said. The new move of the companies to make high profitable company in India, sources said. This is to beat the offer shower of Jio, reports added.
The Vodafone-Idea merger could mean more good news for the customers as this new entity is likely to compete hard with both Bharti Airtel and Reliance Jio, possibly ending-up offering more freebies and great data rates to the customers.
Accordingly, Vodafone will hold 45.1 per cent stake and will transfer 4.9 per cent stake to Idea founders. The merger plan with Vodafone will require regulatory approval.
Since its launch in October last year, Jio had garnered 100 million customers, whereas Vodafone and Idea would have around 375 million customers.
The measures to be completed in two years, authorities said.