Idea and Vodafone Group's India unit are on track to merge operations in a deal valued at $23 billion Vodafone India has also agreed to sell its standalone tower business to ATC Telecom for an enterprise value of 38.50 billion rupees.
A man speaks on his mobile phone as he sits in front of a shop displaying the Idea Cellular Ltd's logo on its shutter in Mumbai, India, April 28, 2014.
Earlier this year, Vodafone India and Idea had agreed to merge their operations to create the country's largest telecom operator worth of more than United States dollars 23 billion with a 35 per cent market share. Jio, in which Ambani has invested $20 billion, launched its services in September. It will have nearly 400 million customers with 35% customer and 41% revenue market share. It will have revenue of Rs81,600 crore and an operating profit of Rs24,400 crore. Together, Idea Cellular and Vodafone India have a debt of Rs1.08 trillion.
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On overall terms, Idea's gross investment in fixed assets has now risen to over Rs 1222 million, a net addition of Rs. 486 billion (capex + spectrum) during the last 24 months.
Amit Sharma, American Tower's EVP and President, Asia and Chairman of the Board, ATC TIPL, added, "We are extremely pleased to partner with Vodafone and Idea to help expand mobile broadband services across India while furthering our participation in the Digital India initiative". Under deal, the company will add about 20,000 communications sites to its existing Indian portfolio. By selling the respective tower businesses, Idea Cellular would get Rs 4,000 crore, while Vodafone would get around Rs 3,850 crore, Business Standard reported. Mint had reported that Idea was also in talks to sell its entire stake in Indus to another buyer with the consent of Bharti Airtel.
The agreement is expected to be completed during the first half of 2018.