AMN / NEW DELHI
Telecom Minister Manoj Sinha today said that the Government has approved the Idea Cellular and Vodafone India merger but the companies need to complete some formalities for the final closure of the deal.
The combined operations of Idea and Vodafone will create the country’s largest telecom operator worth over over 1.5 lakh crore rupees, with a 35 per cent market share and a subscriber base of around 430 million.Debt-ridden firms Idea and Vodafone India are in process of merging their businesses in India as it is expected to bring down cost of their operations and give them relief from cut-throat competition in the market where margins have hit rock bottom with free voice calls
With the new entity coming in force, Bharti Airtel will lose the tag of India’s biggest telecom service provider to the new entity. The combined debt of both the companies is estimated to be around Rs 1.15 lakh crore.