Kumar Mangalam Birla will be chairman of the merged company, and Vodafone will appoint a CFO. Vodafone and Idea will have equal stakes in the merged entity over a period of time, say chiefs of both companies.
The merger makes possible synergies of $10 billion, says Vodafone CEO Vittorio Colao. Money for buying 4.9 per cent of Vodafone stake (Rs 3,874 crore) will come from promoters and not from Idea, says Kumar Mangalam Birla.
The ongoing tax dispute with government not to affect the merger, says Vodafone CEO Colao.
The combined entity had a net debt of Rs. 1.07 trillion as of December 2016.
Vodafone and Idea brands to operate separately post the merger as both are very strong, Colao adds.