New Delhi : British telecom major Vodafone said it will remain competitive after merger with Idea Cellular in the India market. It is known fact that the telecom sector has seen huge disruption and turbulent tariff war with entry of new entrant Reliance Jio.
“We will remain competitive,” Vodafone Group CEO designate and Chief Financial Officer Nick Read told PTI after meeting with top brass at the telecom ministry.
The top management of British telecom major Vodafone on Tuesday met communications minister Manoj Sinha and secretary Aruna Sundararajan following approval of merger of its Indian arm with Idea Cellular.
Read confirmed to have received the letter approving the merger. “We are happy to receive the letter,” Read said.
There have been speculation that Idea Cellular and Vodafone may challenge in court the demand of Rs 3,976 crore for one time spectrum charge of Vodafone India, and joint bank guarantee of Rs 3,342 crore sought by DoT before it grants final approval for the merger. Vodafone executives did not respond to queries over their plans to make payment and furnishing bank guarantee. Vodafone CEO Vittorio Colao, who will remain in office till October, said that he is optimistic that the new entity, to be named Vodafone Idea Ltd, will be in place before he remits the office.