New Delhi: Idea Cellular and the Indian unit of British telecom company Vodafone on Monday announced merger to form country’s biggest telecom company.
According to the deal, Vodafone will hold 45% stakes in the new company, while Idea Cellular will have a command over 26% stakes.
A final decision and announcement were pending after March 16 meeting of top Vodafone executives, who reviewed the terms of merger and gave approval.
The new entity will have one of the country’s widest mobile networks and will boast of as many as 40 crore subscribers. Bharti Airtel is currently the largest telco with 27 crore customers.
Both the companies had confirmed last month that they are in talks to create a telecom giant which will take on Reliance Jio.