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Vodafone, Idea Strike Accord to Establish India's Mobile Leader
Vodafone Group and Idea Cellular sealed an accord on Monday to establish the largest telecommunications provider in India, seeking to topple the nation's largest telecoms company to battle a price war ignited by Reliance.
Under the agreement, the British telecommunications company will possess 45.1% of the combined firms following Idea and/or its partners acquired its 4.9% stake for 38.74 billion rupees ($592.15 million) in cash.
Aditya Birla Group, the home of the Indian mobile operator, will hold 26% of the shares while other investors will own the remaining 28.9%. Vodafone and Aditya eventually seek to hold an equal stock of the combined entities.
The value of two firms, when combined, is amounting $23.2 billion, referring to Vodafone India's value worth $12.4 billion and Idea's value amounting to $10.8 billion.
Idea emphasized that the new entity will emerge as the leading challenger in the market, holding the range to compete more efficiently.
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