The Indian unit of British Mobile giant Vodafone has been merged with Idea Cellular. An official announcement has been made by both Vodafone Group Plc and Idea Cellular in this regard.
Now, Vodafone & Idea Joint Venture creates India's Largest Telecom Operator. Combinedly, They have 400 million customers. While the Customer Market Share is 35 percent, Revenue Market Share is around 41 percent.
Speculations were abuzz that Vodafone and Idea are working on the merger to overcome the crisis created by Reliance Jio. Those reports have become true now and the shares of Idea increased by 4 percent after the official announcement.
Reliance Jio has brought a revolution in India. Rival Telecom Operators were forced to slash their tariffs to withstand the tough competition given by Jio.