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Vodafone likely to invest Rs 80 billion in the Vodafone-Idea merged entity

June 11, 2018

British telecom major Vodafone plans to invest Rs 80 billion in the proposed joint venture with Idea Cellular.

The merged entity will be the largest telecom operator in India with subscriber base of around 430 million. Vodafone is expected to have not more than 47.5 per cent stake in the merged entity.

Vodafone India's financial leverage is currently high on a pro-forma basis. In the event that in the future the joint venture partners decide to put in additional funding, the Vodafone Group would draw upon the value of its stake in Indus Towers. The company has 42 per cent stake in India’s largest mobile tower firm Indus Towers.

On April 25, 2018, Vodafone India, Bharti Airtel Limited and Idea announced the merger of Indus Towers into Bharti Infratel. Bharti Airtel and Vodafone will jointly control the combined company and Vodafone will be issued 783.1 million new shares in the combined company, in exchange for its shareholding in Indus Towers.

The Indus Tower -Bharti Infratel deal has also given Idea Group the option to sell its full 11.15 per cent shareholding in Indus Towers for cash which would be equivalent to a 29.4 per cent shareholding in the combined company.

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