The board has unanimously elected current Non-Executive Director Himanshu Kapania as the Non-Executive Chairman of the company.
"The board of directors vide their resolution dated December 10, 2019, has approved the appointment of Himanshu Kapania as an additional (non-executive) director and vice-chairman of the company wef January 1, 2020, liable to retire by rotation," the company said in a regulatory filing.
The telecom operator will also decide on raising of Rs 10,000 crore debt on a private placement basis in the AGM.
Idea expects revenues to grow in double digits post-FY19; data capacity set to increase 25-50 times following the merger next year.
Idea Cellular reported weak second quarter numbers with revenue falling 2 percent to Rs 9300.2 crore and profit after tax (PAT) coming at Rs 90 crore, a 59 percent fall quarter-on-quarter.
Idea's long term strategy is volume led profit growth and is confident of delivering double digit volume growth post monsoon, says Himanshu Kapania, MD of the company.
"COAI delegation came to meet me and they have expressed some concerns. I told them that Government does not work with bias... Our work is not to stop anyone or allow anyone... For us, consumer is prime most," Sinha said
At the event, COAI announced new leadership team. Bharti Airtel MD and CEO for India and South Asia Gopal Vittal was elected Chairman, taking over from Kapania.
The LTE deployment will cover Maharashtra, Madhya Pradesh, the North-East and Himachal Pradesh, which serve over 40 million subscribers.
Himanshu Kapania, MD of Idea Cellular, said data volume grew at 76 percent Year-on-Year (YoY), while data realisations declined 17 percent during the same period.
Among the major telecom companies in India, only Reliance Jio and Bharti Airtel have airwaves in the 2300 MHz band
India's third-biggest mobile phone operator Idea Cellular launched fourth-generation (4G) mobile phone services across South India on Wednesday. The company hopes to cover all towns and cities in Andhra Pradesh, Karnataka, Kerala, Tamil Nadu and Telangana by March 2016
Himanshu Kapania, MD, Idea Cellular, says at the moment only 25 percent of Idea subscribers are using 3G network and the focus is on increasing the subscriber base
Idea Cellular has posted lower-than-expected September quarter results. Its consolidated net profit fell 13.1 percent to Rs 809.3 crore in Q2FY16 from Rs 930.8 crore on a sequential basis. During the quarter, its revenue slipped 1.2 percent to Rs 8689 crore against Rs 8798.3 crore in quarter-ago period.
The company, which held its 20th Annual General Meeting (AGM) on Monday, said all the items of business contained in the notice for AGM have been approved by the shareholders.
"In the next two years, we are committed to invest over Rs 550 crore in the state," Idea Cellular's Managing Director Himanshu Kapania announced at an investors' conclave organised by the UP government here.
The country's third largest mobile operator would seek shareholders approval at its annual general meeting to be held on September 28.
Himanshu Kapania, Chairman of the Cellulars Operators Association and MD and CEO of Idea Cellular made a pitch for a common national tower policy and said that there was a need to check illegal use of spectrum if the call drop menace needs to be done away with.
The Cellular Operators Association of India held its annual general meeting on Thursday and elected the new leadership as well as designated its executive council for the new term, it said in a statement.
Idea Cellular Ltd, India's third-biggest mobile operator after Vodafone India and market leader Bharti Airtel Ltd together spent about USD 9.5 billion in the recently concluded government auction for airwaves, betting on the country's significant mobile data potential.
In an interview to CNBC-TV18, Himanshu Kapania, MD, Idea Cellular, discusses the company‘s earnings and its future outlook.
Speaking to CNBC-TV18, Idea MD & CEO Himanshu Kapania said its debt post auctions will rise by 70 percent and net debt to EBITDA ratio will go up to a whopping 3.5-4 from the current 1.1.
On cash availability, Himanshu Kapania, MD of Idea Cellular says the company is well-placed to renew existing spectrums in 900 MHz band. In its Q3 results, the company reported cash profit of around Rs 2,000 plus crore. Next year it expects to generate Rs 10,000 crore cash profit.
Himanshu Kapania, MD, Idea Cellular, said the company will bid for some circles in upcoming 3G auction and remaining at a later date. He expects the auction strategy to remain aggressive and competitive.
The overall spectrum capacity of the company stands at 253 MHz. 60 MHz is coming up for renewals, says Himanshu Kapania, MD, Idea Cellular.