Vodafone has agreed to sell 9.5% additional stake to Aditya Birla after they merge their telecom operations to create the country’s largest operator worth more than $23 billion.
Aditya Birla has filed with the BSE the composite scheme of amalgamation between Vodafone and Idea Cellular, which stated that the merged entity shall be under the joint control of the two firms and will be governed by the shareholders’ agreement.
The combined entity of Vodafone and Idea Cellular, which are India’s number 2 and 3 mobile players, respectively, will overtake Bharti Airtel and would be in a better position to take on a raging price war unleashed by newcomer Reliance Jio in the world’s second-largest market.
Full Content: Deal Street Asia
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