The merger of Vodafone and Idea Cellular to create a competitive market
Since the Department of Telecommunications' (DoT's) conditional approval for the Vodafone India-Idea Cellular merger, top executives of the UK-based telecom giant said that the merged entity would remain competitive in the Indian market.
Vodafone Group CEO Vittorio Colao and CEO-designate Nick Read met Telecom Minister Manoj Sinha as well as Secretary Aruna Sundararajan. After the meetings, Read said that they were happy to receive the letter. Further, also mentioned that the company would remain competitive after its merger with Idea Cellular. Till they pay more than Rs 72 billion to the government as one-time spectrum charges, Vodafone and Idea Cellular though cannot operate as one company.
This will most likely be the last visit to India for Colao as Vodafone Group CEO as he prepares to pass on the baton to Read. The Vodafone India team is set to give Colao a farewell on Wednesday while introducing Read to everybody.