Vodafone confirms merger discussions with Idea Cellular
Telecom operator Vodafone has confirmed it is in talks over merging its struggling Indian business with Idea Cellular, which is part of the Aditya Birla Group.
Vodafone India is the country’s second-largest telco with nearly 400 million customers.
“Vodafone confirms that it is in discussions with the Aditya Birla Group about an all share merger of Vodafone India (excluding Vodafone’s 42% stake in Indus Towers) and Idea. Any merger would be effected through the issue of new shares in Idea to Vodafone and would result in Vodafone deconsolidating Vodafone India. And that There is no certainty that any transaction will be agreed, nor as to the terms or timing of any transaction,” said Rosemary Martin, Vodafone Group General Counsel and Company Secretary in a statement.