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Idea Cellular and Vodafone Merger Completed

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Idea Cellular and Vodafone Merger Completed

Idea Cellular and Vodafone India's merger process has been completed. After this, Vodafone Idea Ltd has now become the largest telecom service provider company in the country with 408 million subscribers. This information has been released on behalf of these two companies today. In the case of new company subscriber and income, it is now ranked number one. Airtel was India's number 1 telecom company for the last 15 years.

In a joint statement issued by both the companies, it was said that the name of the new company is Vodafone Idea Ltd. For which new Board has been formed. This board will have 12 directors (including 6 independent directors). Kumar Mangalam Birla will be the Chairman of this company. The Board has appointed Balash Mishra as CEO (Chief Executive Officer) of the new company.

This company will have a share of 32.2 per cent in India's revenues market. It will also have slots in nine telecom circles. Also, the statement said that Vodafone and Idea will remain both brands. This new company will snatch its number one position from Indian Airtel and emerge as a major player in the Indian telecom sector, which is in tense situation since the entry of Geo. It will have a broadband network and distribution network of 3.4 lakh sites with 17 lakh retail outlets.
Significantly, the merger of these two companies has recently been approved by NCLT, which is the last phase of any merger. After this the new company will be registered in the Registrar of Companies.

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