PTI, NEW DELHI: British telecom major Vodafone today said it will remain competitive post merger with Idea Cellular in the India market, which 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 said after meeting with top brass at the telecom ministry..
The top management of British telecom major Vodafone today met communications minister Manoj Sinha and secretary Aruna Sundararajan following ap proval 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: "Yes..
I am optimistic" that the new entity, to be named Vodafone Idea Ltd, will be in place before he demits the office..
When asked for plans of the British telecom firm post the new entity comes in place, Read said: "We have always been a strong investor in India..
We will remain that"..
The combined operations of Idea and Vodafone will create the country's largest telecom operator worth over USD 23 billion (or over Rs 1.5 lakh crore), with a 35 per cent market share and a subscriber base of around 430 million..
Debt-ridden firms Idea and Vodafone India are in process of merging in India as it is expected to bring down costs..