INDIA

The Indian unit of the British telecom company Vodafone last Monday announced a merger with Idea Cellular, a local company, creating India’s largest telecom operator, with around 400 million customers. Vodafone will own 45.1% of the combined company and Idea will have a 26% stake, while the rest will be owned by public shareholders after the merger, which is expected to be completed next year. The merger values Vodafone India at 828 billion rupees (US$12.4 billion) and Idea at 722 billion rupees ($10.8 billion).

India has approved a policy allowing extra time to contractors of old petroleum exploration blocks to unlock oil and gas reserves of more than 426 million barrels, worth an estimated US$21 billion, as it seeks to cut its dependence on imports. India imports about 80% of its oil needs and Prime Minister Narendra Modi has set a target in 2015 to cut dependence on imports from about by four fifths to 67% by 2020.