Over 99 per cent of Idea shareholders voted in favour of the merger at the shareholders' meeting on October 12, 2017, the filing by the Aditya Birla group firm stated today.
On the timeline for completion of the merger, he said it will happen by 2018. Earlier this year, Vodafone India and Idea Cellular had agreed to merge their operations to create the country's largest telecom operator worth of more than USD 23 billion with a 35 per cent market share.
The deal, announced in March this year, will create the country's largest mobile phone operator worth more than USD 23 billion with a 35 percent market share.
For minimal monthly charges, the companies are now offering their customers various services like insurance cover, damaged phone repairs, anti-virus, and cloud back-up, among others.
The Telecom Regulatory Authority of India (Trai) collects and computes data download speed with the help of its MySpeed application on a real-time basis. Theoretically, a user can download one Bollywood movie in about five minutes at 16 mbps speed.
The company, which is set to be merged with Idea Cellular to create the country's largest telecom player, had reported an EBITDA profit of Rs 13,115 crore on a standalone basis in the year ago period.
Telecom major Vodafone India today told the Delhi High Court that TRAI's consultation process to frame rules for network testing before a full-fledged launch by a company was a "deliberate exercise" to defeat its plea against Reliance Jio.
Accruals from licence fee payments in the telecom sector have fallen from Rs 3,975.6 crore in the first quarter to Rs 3,450 crore in the third quarter of the current fiscal, the Parliament was informed today.
The acquisition will narrow the gap between Bharti's pan-India 4G spectrum capacity and Vodafone-Idea's and Reliance Jio's.
According to sources, the newly merged telecom giants are in talks with Brookfield and ATC for sale of its telecommunications infrastructure. While the companies are running separate sale processes, the assets could be sold to a single buyer to get better returns.
The profit booking was warranted after a rally in previous week, say experts who expect the market to consolidate for couple of days before getting traction to move towards record high. Huge inflow from FIIs since February indicated that uptrend is still intact.
The Vodafone-Idea Cellular deal was finally announced ending months of speculation on the possibility of the deal and its valuation. But the clear and immediate danger in the form of an aggressive roll-out by Reliance Jio has helped close the deal.
Telecom sector has undergone change over the years especially after the entrance of Reliance Jio. While on one hand, the sector witnessed consolidation in terms of players, on the other hand, competitive intensity has been equally high, suggest experts.
Track the latest developments from the Vodafone-Idea merger here.
The merger could signal the beginning of the end of cheap tariffs with fewer players left in the fray.
The combined entity will become the country's largest telecom operator by subscriber case followed by Bharti Airtel and Reliance Jio.
Idea Cellular on Monday announced its much anticipated merger with Vodafone India and Vodafone Mobile Services Limited, its wholly-owned subsidiary.
Idea Cellular on Monday announced that its board has approved the merger of Vodafone India and its wholly-owned subsidiary Vodafone Mobile Services Limited with itself in the process creating the country's largest telecom entity.
Vodafone India and Idea Cellular today announced their long-anticipated merger, nearly a month after acknowledging that talks were on to join hands.
Idea Cellular was the stock in focus through the day after it announced a merger with Vodafone in the morning. The stock saw huge volatile swings as it surged nearly15 percent intraday, before plunging 15 percent as well
Two independent sources with direct knowledge have said that promoters of the Aditya Birla Group are very keen that the pricing of the deal and the Idea price for valuations of the merger should be above Rs 134 price of last QIP done in 2014.
Reliance Jio plans to overhaul the telecom industry‘s revenue structure and is banking upon India‘s mobile data consumption opportunity to drive up revenues in the next five years. The company expects to corner a 50 percent revenue market share by FY21 and operating margins of over 50 percent.
Ashish Chandra, Business Head Maharashtra & Goa Circle, Vodafone India said, "We started our 4G journey in Maharashtra from Nagpur and followed it up with launches in 107 cities and towns within a period of 3 months. Vodafone is now expanding its services across the IT, manufacturing and education hub of Pune.