Kumar Mangalam Birla, the billionaire owner of the Aditya-Birla group will head the merged entity of Idea Cellular Ltd. and Vodafone India that is set to become India’s largest telecom company.
According to stock exchange filingBirla will be the non-executive chairman of the board of the merged company. the The chief executive officer of the new business will be Balesh Kumar, currently the chief operating officer of Vodafone India, the statement added.
The promoters of Idea Cellular, on 4 January 2018, said they will invest Rs3,250 crore into the firm. As a result of a change in Idea’s shareholding following the fundraising, Aditya Birla Group and Vodafone agreed the former will buy a minimum of 2.5% of the merged entity from Vodafone, or such stake as is required in order for it to ultimately own at least 26% of the merged entity, Vodafone said in a statement then.
“The existing leadership teams of Idea Cellular and Vodafone India will continue to manage their separate businesses and be accountable for each company’s operational performance until the merger becomes effective,” Idea Cellular said.
Source: Times of India