Vodafone, Idea go for merger to fight Jio
British telecom company Vodafone's Indian unit on Monday announced a merger with Idea Cellular, a local company, creating India's largest telecom operator, with around 400 million customers.
Vodafone will own 45.1 percent of the combined company and Idea will have a 26 percent stake, while the rest will be owned by public shareholders after the merger, which is expected to be completed next year, the companies said in a joint statement.
At present, Bharti Airtel is India's biggest telecom player, with a market share of 23.6 percent and a customer base of 265.9 million. The entry of Reliance Jio has led to a consolidation in the Indian telecom sector.
The merger values Vodafone India at 828 billion rupees ($12.4 billion) and Idea at 722 billion rupees ($10.8 billion), the statement said. The merger will not include Vodafone's 42 percent stake in Indus Towers Ltd., another local company.
Idea Cellular is owned by India's Aditya Birla Group.
Vodafone's market share was 18.16 percent, with 204.68 million mobile customers, while Idea's was 16.9 percent, with 190.51 million, according to data provided by the government-run Telecom Regulatory Authority of India.
Vodafone Group Plc. entered India in 2007 through a subsidiary based in the Netherlands.
Vodafone is involved in a $2.5 billion tax dispute with Indian authorities over its purchase of Hutchison Essar Telecom services in April 2007. Indian tax authorities say the transaction involved the purchase of assets of an Indian company and was therefore liable for taxes in India. Vodafone has challenged the tax claim in an Indian court.
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Nepali Industrialist Binod Chaudhary has climbed 10 places to 1,567th in the list of billionaires published by Forbes magazine for the year 2017 expanding his net worth by US$ 200 million to US$ 1.30 billion. He shares the 1,567th position with many billionaires including Twitter founder and CEO Jack Dorsey.
We take pride in Sagarmatha and also Bhagwan Buddha. We should introspect as to what has been “our” contribution in the making of both. The tallest mountain landmark is the outcome of tectonic push against the bigger landmass creating the upward drift that created the Himalaya. Prince Siddhartha, on the other hand, was born 2556 years ago or 23 centuries before Nepal got unified under Prithivi Narayan Shah. Siddhartha is believed to have attained enlightenment at the age of 35 or around six years after leaving Kapilvastu.
All this pointed that the election will be held with public support despite efforts by those against it. But all that changed after three people were killed in Rajbiraj after the police opened fire on Madhesi Front cadres who were ‘hurling petrol bombs’ toward the venue where UML Chairman KP Oli had just finished his short address.
Men at work
Currently the larger part of our urban area resembles a war zone with bulldozers and mechanical diggers running amok. What is left behind the unfinished work typically consists of mangled water pipes, jumbled up and torn telephone and electric wires, mounds of dug earth and gravel heaps, unfilled ditches and incomplete manholes.
A great aviator in the Nepali skies
Deepak was not only a competent pilot but also someone who had the inner strength to always remain cool, calm, and collected. That nature helped him make a total of three emergency landings in his career as a pilot when he suddenly had to deal with technical malfunctions while flying an aircraft.
Traffic Police in Kathmandu
As busy and hassling as the traffic system in Kathmandu is, the Traffic Police here have to handle an equally strenuous job. Over 1,400 traffic officers in and around the Kathmandu Valley battle against the pestering traffic and air pollution each day.
Menstrual taboo outdated
I have seen my sisters and friends isolated and treated in discriminatory manner during their first menstruation cycle. They were not allowed to look at the sun, to touch water source, flower, fruits, any male family member, nor even hear their voice. The activist may claim the situation has changed and I do agree but still during every month my loved ones turns into untouchables beings.