The Boards of Idea and Spice have also approved the merger of Spice into Idea through a Scheme of Arrangement under Section to Section of the Companies Act, subject to finalisation of the Scheme of Arrangement, the approvals of the respective shareholders, creditors and the respective High Courts of Gujarat and New Delhi, and TMI intends to support this merger.
The primary benefits of this transaction are: More information on the company is available at: TMI, an emerging leader in Asian telecommunications with over 44 mn subscribers and a presence in 10 countries, will grow its presence in the Indian telecom sector and become a substantial shareholder in Idea.
In Bihar, Idea acquiredsubscribers in just over days. Now it is hoped that under Idea cellular things at least this problem is sorted. The company also provides roaming facilities to its customers as a result of which the customer is accessible wherever he travels across the 58 circles around the country, which covers over destinations.
In addition, the Malaysian-grown holding company has strategic mobile and non-mobile telecommunications operations and investments in India, Singapore, Iran, Pakistan and Thailand.
The Group has approximately 13, people under employment in ten countries. The company has tie- ups with more than international operators that are spread across countries of the world. The Group, including subsidiaries and associates, has over 44 million mobile subscribers in Asia, putting it among the largest mobile telecommunication providers in the region by turnover.
Ideas operations in the MHz GSM spectrum band will increase from the current 7 service areas to 9 service areas, driving scale economies and operational synergies resulting in lower operating and capital expenditure. The group operates in 25 countries, and is anchored by over 1,30, employees belonging to 30 nationalities.
Further, I look forward to welcoming colleagues from Spice into the Idea family, and indeed the overstrong Aditya Birla Group. Spice assumed its present name via a fresh Certificate of Incorporation dated 3 December The problem was significance in case of states with small areas like Punjab.
Idea will make a preferential allotment to TMI of The Customer Focus Idea Make a single interaction a lasting relationship.
This is what we strive for. This investment will support Ideas aggressive growth plans. Importantly, Idea would be No. And this has helped Spice Telecom Company to serve its customers more efficiently.
This has helped the company to provide the best quality of services to its customers and this in turn has helped to increase the subscriber base of the company. To explore such potential partnerships, kindly get in touch with us by submitting the Partners Form.
Idea will benefit operationally by leveraging synergies with TMI which will be a significant shareholder in our Company. Idea to consolidate its position with its all-India subscriber market share increasing from 9.
This announcement marks a major step in the Aditya Birla Group s telecom business. This shows that the company has registered sharp increase in its total income and net profit in 1 year.
Despite high volatility on the bourses today, the scrip gained more than 35 per cent on the Bombay Stock Exchange.Idea holds overlapping mobile permits in six telecom circles after its acquisition of Spice Communications in October % stake of the promoter group (Modi group) in Spice Communications for a price of Rs citing laws that mandate mobile companies to launch commercial services within 12 months of obtaining licenses.5% to crores to The Indian telecom players' fight for dominance intensified in with Idea Cellular, the fifth-largest mobile operator's acquisition of smaller rival Spice Communications.
Spice had remained an acquisition target for a while, with operations in two high quality circles which Idea Cellular did not have access to. Idea - Spice acquisition: What an Idea! operations post the receipt of spectrum and most likely in excess of years at least before the circles would break-even at the EBITDA level.
Thus, in a sense, Idea is 'buying the gestation period' in terms of better profitability of newer circles (Punjab and Karnataka), which would otherwise take several years. Idea Cellular Limited (Idea) today announced that it will be acquiring the Spice Group stake of% in Spice Communications Limited (Spice) at a price of Rs per share.
It will also make a payment of approximately Rs. In a stock market filing, Idea said that its board of directors at a meeting held this morning approved entering into a share purchase agreement with Mcorpglobal Communications for acquisition of , shares of Spice Communications, representing a per cent stake, at a price of Rs per share.
Aditya Birla Group firm Idea Cellular on Wednesday said it has acquired about 41 per cent stake in Spice Communications through open market and block trade transactions.Download