KUMAR MANGALAM BIRLA BECAME THE CHAIRMAN OF VODAFONE INDIA & IDEA :

The telecom biggies Vodafone India and Aditya Birla group firm Idea Cellular on Monday after their merger announced Kumar Mangalam Birla as the Chairman of the new entity.  “I am pleased and honored to be the chairman of the new company,” said Kumar Mangalam Birla who is expected to create India’s largest telecom firm with a revenue share of around 40 percent and a subscriber base of over 380 million.  “It gives me immense pleasure that we reached to an agreement to merge our companies Idea Cellular and Vodafone. We are number two and number three companies in present telecom sector with a customer base of 400 million,” he added.  The merger will facilitate VIL and VMSL’s entire business to be vest in the company, excluding VIL’s 42 percent share in Indus Towers.  The merger will come into effect after new shares are issued in Idea to Vodafone and would result in Vodafone deconsolidating Vodafone India.The merger is said to increase competition in the telecom space where players are in a tussle to increase revenue and subscriptions. The Rediff.com : 20th. Mar,17

 

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s