Idea, Vodafone to Merge

The Idea Cellular board on Monday approved the merger of Vodafone India. Vodafone will hold 45 percent in the combined entity, Idea promoters 26 percent, and the rest by the public. Vodafone Group CEO Vittorio Colao said both brands would exist after the merger. New entrant Reliance Jio’s aggressive push to gain market share is also seen as a major trigger for consolidation in the sector.