Vodafone completes merger with Idea

Agencies
August 31, 2018

New Delhi, Aug 31: The merger of Idea Cellular and Vodafone India has been completed, creating India’s biggest telecom service provider with over 408 million subscribers, the two companies said on Friday.

A new board has been constituted for the merged entity "Vodafone Idea Ltd' with 12 directors (including six independent directors) and Kumar Mangalam Birla as its Chairman. The board has appointed Balesh Sharma as the CEO, the companies said in a joint statement.

The combination will have all India revenue market share of 32.2 per cent and take the numero uno slot in nine telecom circles, it said adding that both Vodafone and Idea brands will continue.

The telecom giant will topple Bharti Airtel from its current pole position, and will have the firepower to take on competition in the Indian telecom market, which has intensified with the aggressive entry of Reliance Jio.

It will have a broadband network of 3.4 lakh sites and distribution network with 17 lakh retail outlets.

"The merger is expected to generate Rs 14,000 crore annual synergy, including opex synergies of Rs 8,400 crore, equivalent to a net present value of approximately Rs 70,000 crore," the statement said.

The net debt of the company stood at Rs 1,09,200 crore on June 30, 2018.

"The equity infusion of Rs 6,750 crore at Idea and Rs 8,600 crore at Vodafone, coupled with monetisation of standalone towers of both companies for an enterprise value of Rs 7,850 crore, provides the company a strong cash balance of over Rs 19,300 crore post payout of Rs 3,900 crore to the Department of Telecom (DoT)," the statement said.

Moreover, it added, the company has an option to monetise over 11 per cent stake in Indus (the tower company), amounting to a cash consideration of Rs 5,100 crore.

The combination will have a wide spectrum portfolio of about 1,850 MHz, over 2 lakh mobile sites and about 2.35 lakh kms of fibre. This will allow it to offer "superior voice and broadband connectivity across the country, covering 92 per cent of the population and reaching nearly 5,00,000 towns and villages," it said.

Kumar Mangalam Birla, Chairman Aditya Birla Group and Vodafone Idea Limited said, "Today, we have created India’s leading telecom operator. It is truly a historic moment...As Vodafone Idea, we are partnering in this initiative by building a formidable company of international repute, scale and standards".

Balesh Sharma, CEO of the new entity said, "We are committed to offer both our retail and enterprise customers an excellent experience while fulfilling their evolving digital and connectivity needs via new products, services and solutions".

A regulatory filing by Idea said it will be renamed as Vodafone Idea Ltd, following the completion of all formalities and approvals. Post merger, the paid-up equity share capital of Idea Cellular stands increased to Rs 8,735.13 crore.

Himanshu Kapania has stepped down from the position of Managing Director of Idea Cellular with effect from August 31, 2018, but shall serve as non-executive director of the new company.

Shares of Idea Cellular were trading 1.10 per cent higher at Rs 50.40 apiece on BSE.

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Agencies
January 4,2020

Washington D.C: One of the greatest spectacles of modern art is still thriving in the Australian outback as confirmed by satellite imagery of NASA. The Marree Man is a massive geoglyph depicting an aboriginal hunter, that spans over 2.6 miles in the Southern Australian region.

Discovered by a pilot in 1998, its origin still remains a mystery even to this date.

The Marree Man was given a new lease of life in 2016 when a group of people from the neighboring town of Marree plowed its lines to avert its fading due to erosion.

After NASA shared the image of the art-work that was taken in June, the efforts of the good samaritans turned out to be a total success, reported CNN Travel.

The restoration team believes that the refurbished Marree Man would last longer than its original version.

According to NASA, "They [the team] created wind grooves, designed to trap water and encourage the growth of vegetation. They hope that eventually, the man will turn green."

In a previous article, CNN reported that an entrepreneur by the name of Dick Smith took upon himself to unravel the geoglyph's mystery in 2016. His team combed through all the available evidence but couldn't find anything conclusive.

In 2018 he even offered a 5,000 Australian dollar reward for anyone who knows the identity of its creator.

Nobody turned up with an answer but it was speculated that unknown artist lives in Alice Springs or even might be an American.

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Agencies
June 29,2020

New Delhi, Jun 29: Witnessing azure skies and breathable air for the last three months, Delhi on Monday recorded deterioration in its air quality, with particulate matter with diameter of 2.5 and 10 microns -- too small to be filtered out of the human body -- standing at 52 and 297 micrograms per cubic respectively.

Gufran Beig, Project Director of System of Air Quality Weather Forecasting and Research (SAFAR), said that the sudden spike in air pollution is due to a mild dust storm blowing from Rajasthan.

"Since the wind direction is changing and moist air is coming in, the air quality in Delhi will become better by tomorrow," Beig told IANS.

Central Pollution Control Board (CPCB) data showed that the overall air quality near Delhi Technical University (DTU) area stood at 326 micrograms per cubic, followed by 308 at Narela and 307 at Mundka.

Out of 36 stations, the AQI in as many as 30 stations was above 200 micrograms per cubic till 1 pm on Monday.

The System of Air Quality Weather Forecasting and Research categorises air quality in the 0-50 range as good, 51-100 as satisfactory, 101-200 as moderate, 201-300 as poor, 301-400 as very poor, and above 400 as severe.

According to SAFAR's website, "PM 10 (coarser dust particle) is the lead pollutant. AQI is likely to improve to moderate category by tomorrow, and further improvement is expected by July 1."

Researchers indicated that PM 10 and PM 2.5 will be 170 and 47 micrograms per cubic on Tuesday.

With no vehicles plying on the roads or industries shut due to the lockdown since March 25, Delhi's air quality had improved drastically.

According to a study conducted by the Indian Institute of Technology (IIT), Delhi, if the low levels of air pollution reached during the lockdown period are maintained, India's annual death toll could reduce by 6.5 lakh.

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Agencies
March 3,2020

Facebook on Monday launched a new consumer marketing campaign in India titled 'More Together'. India is the first country in the Asia Pacific region where such a campaign is being rolled out.

It is also the first time that Facebook is rolling out a 'high decibel campaign of this stature in India', the company said in a statement.

It is also the first time that Facebook is rolling out a 'high decibel campaign of this stature in India', the company said in a statement.

"India is at the heart of Facebook and one of our focus areas this year is to tell the exciting story of a service that is deeply embedded in the fabric of India," said Ajit Mohan, Vice President and Managing Director, Facebook India.

The campaign would have multiple campaigns over the next few weeks in eight languages and the one will be set in the context of Holi.

Facebook in 2019 introduced a new company logo to further distinguish the company from the Facebook app.

The company recently announced the appointment of Avinash Pant as the Marketing Director for India operations, to drive the consumer marketing efforts across the family of apps.

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