Slower growth: Idea Cellular, which has 176 million subscribers in India, said the mobile sector continued to grow in single digits unlike last year when the sector posted a double digit growth. — Reuters
MUMBAI: Vodafone Group Plc is nearing an initial agreement to merge its Indian operations with Idea Cellular Ltd in a deal that would create the largest telecom company in one of the world’s most competitive markets, people with knowledge of the matter said.
The two firms plan to announce a preliminary agreement as soon as this month, according to the people, who asked not to be identified because the information is private. The initial accord is unlikely to spell out the merged entity’s shareholding structure because the due diligence has not yet been completed, the people said.
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