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British telecom major Vodafone is to merge its operations in India with Aditya
Birla Group’s Idea Cellular. The boards of Vodafone India, and Idea Cellular –
India’s second largest and the third largest telecom operators respectively
approved the merger. Vodafone will own 45.1% of combined company after
transferring around 4.9 percent to Idea founders for Rs 3,874 crore in cash
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t a se g a ou d 4.9 pe ce t to dea ou de s o s 3,874 c o e cas
whereas Idea founders will hold 26 percent of the combined entity. The prime
motto of this merger is to strengthen the operations in order to compete against
the intense price war triggered by Mukesh Ambani-led Reliance Jio. After the
merger, the combined entity would become # 1 telecom company in India on the
basis of number of subscribers having nearly 40 Crores of subscribers – 35% of all
telecom subscribers in India and 41% of the telecom market revenue share –
dislodging Bharti Airtel to # 2 that had been at the top since 2001 would now be
enjoying 33% telecom market revenue share.
Aditya Birla Group’s current Chairman Kumar Mangalam Birla is to be the new
Chairman of the merged entity. Chief Financial Officer (CFO) would be appointed
by Vodafone whereas the Chief Executive Officer (CEO) will be named jointly after
the merger. Vodafone Group’s Chief Executive Vittorio Colao and Aditya Birla
Group Chairman Kumar Mangalam Birla accompanied by Vodafone India
Managing Director Sunil Sood and Idea Cellular Managing Director Himanshu
Kapania met Prime Minister Narendra Modi on March 21, 2017 to apprise him on
the merger deal and to seek his Government’s support in facilitating speedy
regulatory clearances to conclude the approved merger. Even then the merger is
expected to be completed in 2018 after all the statutory formalities. Prior to that
Vodafone India and Idea Cellular will be selling off their standalone tower assets –
42% share of Vodafone India and 11.15% of Idea Cellular in Indus Towers. Till the
merger is completely completed, both Vodafone India and Idea Cellular will
continue operating separately. Vodafone has also made it clear that its ongoing tax
dispute with the Indian government will not come in the way of its merger with
Idea Cellular. According to Income tax authorities Vodafone India needs to pay
capital gains tax of nearly Rs 20,000 Crores for acquiring assets from Hutchison
Whampoa Ltd. in 2007.
Piramal had on January 31, 2017 announced the acquisition for a cash
consideration of USD 171 million for a portfolio of drugs for spasticity and pain
management from Mallinckrodt LLC and now it announced completion of the said
acquisition. Piramal is the world’s third largest producer of inhaled medical
anesthetics. The portfolio acquired includes two severe spasticity management
products, which are currently marketed in the US and two pain management
products, which are under development at present.
Tech Mahindra Ltd – an Indian company in the software segment acquired CJS
Solutions Group LLC - US-based healthcare information technology consulting
firm for USD 110 million. With this acquisition, Tech Mahindra Ltd. would have
the ability to cross-sell Tech Mahindra’s services to a new set of clients of CJS
Solutions and thereby boost its revenues.
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Telecom operator Bharti Airtel announced that it had entered into a definitive
agreement with Telenor South Asia Investments Pvt Ltd to acquire Telenor (India)
Communications Private Limited. Airtel is currently providing telecom services in
India to over 269 million subscribers and a revenue market share of nearly 33 per
cent. As the new owner, Airtel will take over Telenor India’s spectrum, licenses
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, p ,
and operations, including its employees and customer base of 44 million and will
acquire Telenor India’s running operations in Andhra Pradesh, Bihar,
Maharashtra, Gujarat, UP (East), UP (West) and Assam. Telenor India’s
operations and services will continue as normal until the completion of the
transaction. With effect from 01.04.2017, Telenor India will be treated as an asset
held for sale.
Aurobindo Pharma Limited announced that it had acquired four cell culture
derived biosimilar products from TL Biopharmaceutical AG of Switzerland. The
company, however, did not disclose the deal value. As part of the agreement, TL
will supply all the developmental data for four molecules and Aurobindo will
develop, commercialize and market these products globally. Aurobindo has set up
a fully functional R&D center for biologics development and is also establishing a
state-of-the-art manufacturing facility in Hyderabad and is expected to be ready
by the second quarter of the financial year 2017-18. This acquisition is in line with
the strategy of Aurobindo of investing in complex pharmaceutical products.
Wipro Ltd - India’s third-largest software services exporter, announced that it has
entered into a pact to acquire Brazilian IT firm InfoSERVER SA for $8.7 million to
expand its presence in Latin America. InfoSERVER is focused on the Brazilian
market and provides custom application development and software deployment
services mainly to banks, financial services and insurance companies. The
acquisition is in line with Wipro’s aim to expand its presence in the Latin America
market, the company said in a statement.
WNS Gl b l S i i D li S i
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WNS Global Services acquires Denali Sourcing Services:
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