KM Birla to be Chairman and Balesh Kumar as CEO for Vodafone-Idea Merger

Kumar Mangalam Birla will be the non-executive chairman of the Vodafone India and Idea Cellular merger. On Thursday, Vodafone India and Idea Cellular companies announced a new leadership team for the soon-to-be merged company.

Aditya Birla Group’s chairman KM Birla and Vodafone’s Chief executive Vittorio Colao said in a statement, “The team has extensive operational experience and is an excellent blend of expertise from both companies,”

After the completion of the merger, they will work as one company in the market. Balesh Sharma, the current COO of Vodafone India has been appointed as the CEO of the Vodafone-India combine.

Current chief financial officer of Idea cellular, Akshaya Moondra will be the CFO and Ambrish Jain will be the COO of the merged company.

Vodafone to Merge with Idea Cellular

Still, the department of telecommunications has not given final approval for the merger. The National Company Law Tribunal (NCLT), the Competition Commission of India (CCI) and the Securities and Exchange Board of India (Sebi) have already approved the merger.

Vodafone-Idea merger is aiming to dominate a market which they lost to Reliance Jio. With this merger, the company will be the World’s second largest and India’s largest telecom company in terms of subscribers.

The two will cease to operate as distinct and competing entities only upon completion of the merger.

Current CFO of Vodafone India, Manish Dawar will manage the integration planning, governance and execution. Nick Gliddon, currently director, Vodafone Business Services, at Vodafone India, will head the enterprise business of the merged entity.

Sashi Shankar, currently chief marketing officer at Idea, will head the marketing and brand strategy while Vishant Vora, currently chief technology officer of Vodafone India, will assume responsibility for networks and overall technology strategy.

Vodafone-Idea merger was announced in March 2017. It is based on equal rights and shareholding between both companies.

Vodafone has kept 42% stake in Indus Towers Ltd which is valued at around $5 billion. On 4 January 2018, the promoters of Idea Cellular said they will invest Rs3,250 crore into the firm.

Vodafone will receive min. of Rs1,960 crore from such a sale and Vodafone’s ownership in the combined entity is expected to be approximately 47.5% at completion.

Summary
KM Birla to be Chairman and Balesh Kumar as CEO for Vodafone-Idea Merger
Article Name
KM Birla to be Chairman and Balesh Kumar as CEO for Vodafone-Idea Merger
Description
Kumar Mangalam Birla will be the non-executive chairman of the Vodafone India and Idea Cellular merger. On Thursday, Vodafone India and Idea Cellular companies announced a new leadership team for the soon-to-be merged company.


This post has been seen 240 times.

Team Maffat

News Maffat Com is a Free Guest Blogging Website. Must Try once.