StockMarketWire.com - Vodafone Group said a merger between its Indian unit and Idea Cellular had been completed.

The combined entity would be renamed Vodafone Idea and remain listed on the Indian stock exchanges, to be controlled jointly controlled by Vodafone and the Aditya Birla Group.

The merger, first announced in March, created India's leading telecoms operator, with nearly 408m customers, Vodafone said.

During the twelve months to 30 June, Vodafone India and Idea generated revenue of INR585bn (€7.1bn) and Ebitda of INR107bn (€1.4bn). Aditya Birla was separately completing the purchase of a 4.8% stake in Vodafone Idea from Vodafone Group for a total consideration of INR26bn (€0.3bn).

Vodafone would own a 45.2% stake in Vodafone Idea and Aditya Birla Group would own a 26.0% stake, both on a fully diluted basis. Vodafone would also separately hold a 29.4%8 stake in the combined entity resulting from the merger between Bharti Infratel and Indus Towers.




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