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\"\"Vodafone<\/a> Group Plc CEO Vittorio Colao<\/a> and Aditya Birla<\/a> Group chairman Kumar Mangalam Birla<\/a> spoke to Devina Sengupta and Arijit Barman soon after the merger<\/a> between Vodafone India and the Aditya Birla Group company Idea<\/a> Cellular was announced. Edited excerpts:<\/em>
\n
\nThe market seems to have reacted harshly against the Idea Cellular stock. Do you think they are misreading the merger?
\nKumar Mangalam Birla:<\/strong> I believe there is some confusion about the price at which we will buy the initial 4.9% from Vodafone. There was a flash it was at Rs 72\/share. It is actually at Rs 108\/share, which is the closing price of the Idea stock last Friday. I believe that is the reason why the Idea stock has taken a beating. The underlying logic is it is a hugely reputed deal. I think of this as a kneejerk reaction. The market always takes time to understand and swallow a complex deal like this.
\n
\nWould you have done this deal had Reliance Jio<\/a> not shown up?
\nVittorio Colao<\/strong>: Let me say the logic of the deal has been shaping over the years and has been based on the financial success of both the companies.
\n
\nIdea has been successful in certain number of circles and they have 900 MHz spectrum. Vodafone has been successful in another set of circles and we have 900MHz. We both have been in circles where the investment may not yield a certain amount of return. The more successful we have been over time, the magnet for this deal has become stronger. We will now have in all circles more than 20% market share, besides Jammu and Kashmir. We can now turn our alliance into profits, whereas in the past, we had zero profit or even losses. The growth overtime was the stronger logic for this combination.
\n
\nI would not link it to Jio per se, but, of course, now we will be much stronger, we will be competing with Jio and Airtel. Let us not forget the reason that there is another strong player in the market and the other two players as well, and in the long term there will be five.
\n
\nWould you agree that considering the large amount of dollars you have put in, India has treated Vodafone rather harshly? How would you put the journey since 2007?
\nColao:<\/strong> I think I will always divide it into two groups. First, I will separately consider the market. The market has been good and we have a great brand. We have had good success and growth. I will separate that out from the regulatory and institutional environment.
\n
\nIndia is a complicated environment — we have got taxes, but also daily requests for taxations. I do think that the spectrum has been sold at a very high price. Probably too high a price. I would say there are two stories in India for Vodafone. One that is a wonderful operational, commercial and people story — we have 10,000 people working not just for India but other areas, which really means there is lot of talent — and the regulatory story, which I hope now will change.
\n
\nThe merger makes us much stronger also in that respect.
\n
\nSo, this is not the beginning of an exit process from India? Colao: We have no plans to exit India. When did you decide you would not do an IPO?
\nColao:<\/strong> One of the appeals in this is that Idea is a listed company with a good name in the stock market. So, through this merger, we will be listed also and in a company that has been listed for a while. We never set a date, so in a way this is also an additional benefit for us in a nation with a great listed company.
\n
\nDoesn’t the old tax case have any impact?
\nColao:<\/strong> Nothing. The old tax case is between Vodafone Group and the government and it is in arbitration and is outside of India.
\n
\nYou are merging 20 circles in India. What are the immediate milestones you will work toward?
\nBirla:<\/strong> The focus has to shift towards regulatory process for approvals. There is the stock exchange, Sebi (Securities and Exchange Board of India), NCLT (National Company Law Tribunal), CCI (Competition Commission of India), which will come into the picture. That has to be the focus. Our target is to get the merger done in calendar year 2018. We got to start working on it right away.
\n
\nHow will you fund this? It is going to be two-three-tiered process.
\nBirla:<\/strong> The 4.9% is a commitment. What we are saying is that it will not come from any of the group’s listed entities. It will come from promoter-held entities. This holds true for the second tranche of 9-9.5% or a part of it depending on how we choose to pay. The underlying message is that there will be no funding from the group’s listed companies.
\n
\nWhat role does Axiata have in all this? Can they increase their stake?
\nBirla:<\/strong> Idea’s board approved the scheme this (Monday) morning. It is hugely value accretive for all the sets of shareholders. Axiata doesn’t have the option to increase its stake. It is a bilateral between Idea and Vodafone.
\n
\nDo they have the option to participate as you go along increasing the stake?
\nBirla:<\/strong> No they don't. It will be a bilateral between Idea and Vodafone.
\n
\nIs there any possibility of a financial investor joining in?
\nBirla:<\/strong> Not at this stage. As of now, there is no such plan.
\n
\nAmerger of this size will have a human cost involved. Could you elaborate on this aspect?
\nColao:<\/strong> As Vodafone, we went through a number of mergers in Europe and outside of Europe. First of all, the largest part of synergies is technical —towers, lines. We are talking about real hard stuff, which will make us more efficient without having any people costs. There are some IT and operational synergies. There will be some overlap of support functions but not huge. Also, do not forget, this is a country with high attrition, so anyhow… we think that the human side, which we care about, will not be a major issue.
\n
\nThere are reports that say 20-40% of people will be made redundant.
\nColao:<\/strong> I do not know where they come from...
\n
\nBirla:<\/strong> Then who will run the company?
\n
\nWhat about the redundancies in terms of infrastructure. You have almost 1,00,000 towers that need to be recalibrated. What would that do to your contracts with Indus?
\nColao:<\/strong> We have not given a number, but we have said it is more than 20%. But we have to do detailed groundwork to find out what we have to do exactly. Our priorities are to reduce the towers outside of Indus, so we would never prioritise what we own. There is a lot of demand for towers in the market, so Indus is the strongest tower company in the world. So we think we will be able to achieve our synergies and have a very high appeal for the Indus assets in the market. Now it is a joint interest to put the maximum possible buyer on the Idea stake but also on our joint 42%.
\n
\nTherefore, we will act in a very coordinated way and will go even farther and we also have same interests with Airtel, with whom we are in contact to think about the future of Indus post this. So the three shareholders of Indus will be aligned.
\n
\nIf the legacy tax issues had been resolved, would you have done the merger?
\nColao:<\/strong> The capital gains tax? This is nothing to do with it. The issue that incidentally we won in the Supreme Court. It is an arbitration with the Vodafone Group and the tax office. And now even the Hutchison group because now they have been served. It is a completely non-operational issue.
\n
\nWhat is your combined debt and how do you plan to bring it down?
\nBirla:<\/strong> When we look at our projection, this entity becomes self-funding. From the point of closing the transaction, we have a debt to ebitda of 4.4. Do remember we have assets that we will monetise, so Indus Towers, our independent towers, stakes in Indus, for example, you have a net present value of synergies of $10 billion, which by itself is very large. All of this put together with the fact that we have a much stronger proposition with the customer — our very strong belief is that this company will fund itself.\n\n<\/body>","next_sibling":[{"msid":57745035,"title":"Bharti Airtel to have tough climb to top spot: Experts","entity_type":"ARTICLE","link":"\/news\/airtel-to-have-tough-climb-to-top-spot\/57745035","category_name":null,"category_name_seo":"telecomnews"}],"related_content":[],"msid":57745062,"entity_type":"ARTICLE","title":"Vodafone has no plans to exit India: Vittorio Colao","synopsis":"\"The logic of the deal has been shaping over the years and has been based on the financial success of both the companies,\" Colao said.","titleseo":"telecomnews\/vodafone-has-no-plans-to-exit-india-vittorio-colao","status":"ACTIVE","authors":[{"author_name":"Devina Sengupta","author_link":"\/author\/479212895\/devina-sengupta","author_image":"https:\/\/etimg.etb2bimg.com\/authorthumb\/479212895.cms?width=100&height=100&hid=268","author_additional":{"thumbsize":false,"msid":479212895,"author_name":"Devina Sengupta","author_seo_name":"devina-sengupta","designation":"Senior Assistant Editor","agency":false}},{"author_name":"Arijit Barman","author_link":"\/author\/16028\/arijit-barman","author_image":"https:\/\/etimg.etb2bimg.com\/authorthumb\/16028.cms?width=100&height=100&hid=268","author_additional":{"thumbsize":true,"msid":16028,"author_name":"Arijit Barman","author_seo_name":"arijit-barman","designation":"Journalist","agency":false}}],"Alttitle":{"minfo":""},"artag":"ET Bureau","artdate":"2017-03-21 08:56:20","lastupd":"2017-03-21 08:58:30","breadcrumbTags":["Vodafone","industry","Kumar mangalam birla","idea","Merger","Aditya Birla","Vittorio Colao","Reliance Jio"],"secinfo":{"seolocation":"telecomnews\/vodafone-has-no-plans-to-exit-india-vittorio-colao"}}" data-authors="[" devina sengupta","arijit barman"]" data-category-name="" data-category_id="" data-date="2017-03-21" data-index="article_1">

沃达丰印度不打算退出:Vittorio Colao

“交易的逻辑已经形成多年来,基于金融成功的公司,”科劳说。

Devina森古普塔 业务招待
  • 更新2017年3月21日08:58点坚持
沃达丰(Vodafone)集团首席执行官维托里奥·科劳和Aditya Birla)集团董事长Kumar Mangalam贝拉跟Devina森古普塔和业务招待后不久合并沃达丰印度和Aditya Birla)集团公司之间的想法细胞被宣布。编辑摘录:

市场似乎反应强烈反对这个主意细胞股票。你认为他们误读是合并吗?
Kumar Mangalam贝拉:我相信有一些困惑关于价格我们将购买从沃达丰最初的4.9%。有一个flash在Rs 72 /份额。它实际上是在Rs 108 /分享的股票上周五收盘价的想法。我相信这个想法的原因股票已经遭受了损害。潜在的逻辑是,这是一个非常有名的交易。我认为这是一个自动生成的反应。市场总是需要时间来理解和接受这样一个复杂的交易。

你会做这个交易依赖Jio没有显示吗?
维托里奥·科劳:让我说交易的逻辑已经形成多年来和基于财务成功的公司。

想法已成功的在特定数量的圈子里,他们有900 MHz频段。沃达丰(Vodafone)已经成功地另一种生态圈和900 mhz。我们都一直在圈子里可能不会产生一定量的回报的投资。我们一直在随着时间的推移,越成功吸引这笔交易变得更强。我们将在各界现在有超过20%的市场份额,除了查谟和克什米尔。现在我们可以把我们的联盟变成利润,而在过去,我们没有利润,甚至亏损。的加班增长更强的逻辑组合。

我不会链接Jio本身,但是,当然,现在我们将更强,我们将与Jio竞争和旅馆。我们不要忘记的原因,还有一个强大的球员市场和其他两名球员,而从长远来看会有五个。

你会同意,考虑到美元的大量投入,印度对待沃达丰而严厉吗?你怎么把自2007年以来的旅程吗?
科劳:我认为我将永远把它分成两组。首先,我将分别考虑市场。市场一直很好,我们有一个伟大的品牌。我们有良好的成功和增长。我将单独从监管和制度环境。

印度是一个复杂的环境——我们有税收,而且日常税收的要求。我认为频谱以很高的价格出售。也许太高的价格。我想说对沃达丰印度有两个故事。是一个美妙的运营,商业和人的故事——我们有10000人工作不仅对印度其他领域,这意味着很多人才和监管的故事,现在我希望会改变。

合并使我们更强大也在这方面。

所以,这不是退出过程的开始从印度吗?科劳:我们不打算出口印度。你什么时候决定你IPO不会做什么?
科劳:这其中的一个上诉的想法是一个上市公司,一个好名字在股票市场。通过合并,我们将在公司上市也已经上市一段时间。我们从来没有设定一个日期,所以在某种程度上这也是一个额外的好处为我们在一个国家伟大的上市公司。

旧的税务案件没有任何影响吗?
科劳:什么都没有。旧的税收情况是沃达丰集团与政府之间和外面在仲裁和印度。

在印度你合并20圈。眼前的里程碑是什么你会努力?
贝拉:重点转向监管审批过程。证券交易所,印度证券交易委员会(印度证券交易委员会),NCLT(国家公司法法庭),CCI(印度)的竞争委员会将进入画面。这是重点。我们的目标是在2018年完成合并。我们必须马上开始工作。

你将如何基金呢?这是two-three-tiered过程。
贝拉:4.9%是一个承诺。我们说的是它不会来自任何集团上市的实体。它将来自promoter-held实体。这适用于第二批9 - 9.5%或它的一部分取决于我们选择支付。底层的信息是不会从集团的上市公司融资。

所有这些Axiata有什么作用?他们能增持股份吗?
贝拉:董事会批准了计划,这个早上(星期一)。这是对所有股东的集粘连的巨大价值。Axiata没有选择增持。这是一个双边之间的想法和沃达丰。

他们可以选择参加你沿着增加股份?
贝拉:没有他们不。这将是两国之间的想法和沃达丰。

有没有可能一个金融投资者加入?
贝拉:不是在这个阶段。到目前为止,没有这样的计划。

Amerger这种规模的人力成本。你能详细说明这方面吗?
科劳:沃达丰(Vodafone),我们经历了很多的合并在欧洲和欧洲以外的。首先,协同效应最大的部分是技术大楼,行。我们谈论的是真正的硬的东西,这将使我们更有效的人们没有任何成本。有一些IT和业务的协同效应。将会有一些重叠函数而不是巨大的支持。也不要忘记,这是一个国家高消耗,所以不管怎样…我们认为人性的一面,我们关心的,不是一个大问题。

有报道称,说20 - 40%的人将成为多余的。
科劳:我不知道他们是从哪里来的……

贝拉:那么谁来经营公司?

的冗余的基础设施。你有近00000塔需要调整。你与印度的合同会做什么?
科劳:我们还没有给出一个数字,但我们已经说过这是超过20%。但是我们必须做详细的基础找出我们需要做什么工作。我们的重点是减少印度的塔外,所以我们永远不会优先考虑我们自己的。有很多对塔的需求市场,印度是世界上最强的塔公司。所以我们认为我们能够实现协同效应,有一个非常高的呼吁印度河资产在市场上。现在是共同利益的最大潜在买家的想法也在我们联合42%股权。

因此,我们将在一个协调的方式和将会更远,我们也有相同的利益与Airtel,与我们接触的思考未来的印度河帖子。所以印度的三大股东将对齐。

如果遗产税收问题已经解决,你会做合并?
科劳:资本利得税吗?这是与它无关。顺便说一下我们就在最高法院的问题。这是一个仲裁与沃达丰集团和税务局。现在甚至和记黄埔集团,因为现在他们已经服役。这是一个完全非经营性的问题。

结合你的债务,你计划怎样带下来吗?
贝拉:当我们看投影,这个实体变得自给自足。从关闭交易,我们有一个债务ebitda的4.4。记得我们有资产货币化,所以印度塔,我们独立的塔楼,印度河股份,例如,你有一个净现值100亿美元的协同效应,这本身是非常大的。所有这一切放在一起,我们与客户有更强的命题——我们非常强烈的相信这个公司将基金本身。
  • 发布于2017年3月21日08:56点坚持
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\"\"Vodafone<\/a> Group Plc CEO Vittorio Colao<\/a> and Aditya Birla<\/a> Group chairman Kumar Mangalam Birla<\/a> spoke to Devina Sengupta and Arijit Barman soon after the merger<\/a> between Vodafone India and the Aditya Birla Group company Idea<\/a> Cellular was announced. Edited excerpts:<\/em>
\n
\nThe market seems to have reacted harshly against the Idea Cellular stock. Do you think they are misreading the merger?
\nKumar Mangalam Birla:<\/strong> I believe there is some confusion about the price at which we will buy the initial 4.9% from Vodafone. There was a flash it was at Rs 72\/share. It is actually at Rs 108\/share, which is the closing price of the Idea stock last Friday. I believe that is the reason why the Idea stock has taken a beating. The underlying logic is it is a hugely reputed deal. I think of this as a kneejerk reaction. The market always takes time to understand and swallow a complex deal like this.
\n
\nWould you have done this deal had Reliance Jio<\/a> not shown up?
\nVittorio Colao<\/strong>: Let me say the logic of the deal has been shaping over the years and has been based on the financial success of both the companies.
\n
\nIdea has been successful in certain number of circles and they have 900 MHz spectrum. Vodafone has been successful in another set of circles and we have 900MHz. We both have been in circles where the investment may not yield a certain amount of return. The more successful we have been over time, the magnet for this deal has become stronger. We will now have in all circles more than 20% market share, besides Jammu and Kashmir. We can now turn our alliance into profits, whereas in the past, we had zero profit or even losses. The growth overtime was the stronger logic for this combination.
\n
\nI would not link it to Jio per se, but, of course, now we will be much stronger, we will be competing with Jio and Airtel. Let us not forget the reason that there is another strong player in the market and the other two players as well, and in the long term there will be five.
\n
\nWould you agree that considering the large amount of dollars you have put in, India has treated Vodafone rather harshly? How would you put the journey since 2007?
\nColao:<\/strong> I think I will always divide it into two groups. First, I will separately consider the market. The market has been good and we have a great brand. We have had good success and growth. I will separate that out from the regulatory and institutional environment.
\n
\nIndia is a complicated environment — we have got taxes, but also daily requests for taxations. I do think that the spectrum has been sold at a very high price. Probably too high a price. I would say there are two stories in India for Vodafone. One that is a wonderful operational, commercial and people story — we have 10,000 people working not just for India but other areas, which really means there is lot of talent — and the regulatory story, which I hope now will change.
\n
\nThe merger makes us much stronger also in that respect.
\n
\nSo, this is not the beginning of an exit process from India? Colao: We have no plans to exit India. When did you decide you would not do an IPO?
\nColao:<\/strong> One of the appeals in this is that Idea is a listed company with a good name in the stock market. So, through this merger, we will be listed also and in a company that has been listed for a while. We never set a date, so in a way this is also an additional benefit for us in a nation with a great listed company.
\n
\nDoesn’t the old tax case have any impact?
\nColao:<\/strong> Nothing. The old tax case is between Vodafone Group and the government and it is in arbitration and is outside of India.
\n
\nYou are merging 20 circles in India. What are the immediate milestones you will work toward?
\nBirla:<\/strong> The focus has to shift towards regulatory process for approvals. There is the stock exchange, Sebi (Securities and Exchange Board of India), NCLT (National Company Law Tribunal), CCI (Competition Commission of India), which will come into the picture. That has to be the focus. Our target is to get the merger done in calendar year 2018. We got to start working on it right away.
\n
\nHow will you fund this? It is going to be two-three-tiered process.
\nBirla:<\/strong> The 4.9% is a commitment. What we are saying is that it will not come from any of the group’s listed entities. It will come from promoter-held entities. This holds true for the second tranche of 9-9.5% or a part of it depending on how we choose to pay. The underlying message is that there will be no funding from the group’s listed companies.
\n
\nWhat role does Axiata have in all this? Can they increase their stake?
\nBirla:<\/strong> Idea’s board approved the scheme this (Monday) morning. It is hugely value accretive for all the sets of shareholders. Axiata doesn’t have the option to increase its stake. It is a bilateral between Idea and Vodafone.
\n
\nDo they have the option to participate as you go along increasing the stake?
\nBirla:<\/strong> No they don't. It will be a bilateral between Idea and Vodafone.
\n
\nIs there any possibility of a financial investor joining in?
\nBirla:<\/strong> Not at this stage. As of now, there is no such plan.
\n
\nAmerger of this size will have a human cost involved. Could you elaborate on this aspect?
\nColao:<\/strong> As Vodafone, we went through a number of mergers in Europe and outside of Europe. First of all, the largest part of synergies is technical —towers, lines. We are talking about real hard stuff, which will make us more efficient without having any people costs. There are some IT and operational synergies. There will be some overlap of support functions but not huge. Also, do not forget, this is a country with high attrition, so anyhow… we think that the human side, which we care about, will not be a major issue.
\n
\nThere are reports that say 20-40% of people will be made redundant.
\nColao:<\/strong> I do not know where they come from...
\n
\nBirla:<\/strong> Then who will run the company?
\n
\nWhat about the redundancies in terms of infrastructure. You have almost 1,00,000 towers that need to be recalibrated. What would that do to your contracts with Indus?
\nColao:<\/strong> We have not given a number, but we have said it is more than 20%. But we have to do detailed groundwork to find out what we have to do exactly. Our priorities are to reduce the towers outside of Indus, so we would never prioritise what we own. There is a lot of demand for towers in the market, so Indus is the strongest tower company in the world. So we think we will be able to achieve our synergies and have a very high appeal for the Indus assets in the market. Now it is a joint interest to put the maximum possible buyer on the Idea stake but also on our joint 42%.
\n
\nTherefore, we will act in a very coordinated way and will go even farther and we also have same interests with Airtel, with whom we are in contact to think about the future of Indus post this. So the three shareholders of Indus will be aligned.
\n
\nIf the legacy tax issues had been resolved, would you have done the merger?
\nColao:<\/strong> The capital gains tax? This is nothing to do with it. The issue that incidentally we won in the Supreme Court. It is an arbitration with the Vodafone Group and the tax office. And now even the Hutchison group because now they have been served. It is a completely non-operational issue.
\n
\nWhat is your combined debt and how do you plan to bring it down?
\nBirla:<\/strong> When we look at our projection, this entity becomes self-funding. From the point of closing the transaction, we have a debt to ebitda of 4.4. Do remember we have assets that we will monetise, so Indus Towers, our independent towers, stakes in Indus, for example, you have a net present value of synergies of $10 billion, which by itself is very large. All of this put together with the fact that we have a much stronger proposition with the customer — our very strong belief is that this company will fund itself.\n\n<\/body>","next_sibling":[{"msid":57745035,"title":"Bharti Airtel to have tough climb to top spot: Experts","entity_type":"ARTICLE","link":"\/news\/airtel-to-have-tough-climb-to-top-spot\/57745035","category_name":null,"category_name_seo":"telecomnews"}],"related_content":[],"msid":57745062,"entity_type":"ARTICLE","title":"Vodafone has no plans to exit India: Vittorio Colao","synopsis":"\"The logic of the deal has been shaping over the years and has been based on the financial success of both the companies,\" Colao said.","titleseo":"telecomnews\/vodafone-has-no-plans-to-exit-india-vittorio-colao","status":"ACTIVE","authors":[{"author_name":"Devina Sengupta","author_link":"\/author\/479212895\/devina-sengupta","author_image":"https:\/\/etimg.etb2bimg.com\/authorthumb\/479212895.cms?width=100&height=100&hid=268","author_additional":{"thumbsize":false,"msid":479212895,"author_name":"Devina Sengupta","author_seo_name":"devina-sengupta","designation":"Senior Assistant Editor","agency":false}},{"author_name":"Arijit Barman","author_link":"\/author\/16028\/arijit-barman","author_image":"https:\/\/etimg.etb2bimg.com\/authorthumb\/16028.cms?width=100&height=100&hid=268","author_additional":{"thumbsize":true,"msid":16028,"author_name":"Arijit Barman","author_seo_name":"arijit-barman","designation":"Journalist","agency":false}}],"Alttitle":{"minfo":""},"artag":"ET Bureau","artdate":"2017-03-21 08:56:20","lastupd":"2017-03-21 08:58:30","breadcrumbTags":["Vodafone","industry","Kumar mangalam birla","idea","Merger","Aditya Birla","Vittorio Colao","Reliance Jio"],"secinfo":{"seolocation":"telecomnews\/vodafone-has-no-plans-to-exit-india-vittorio-colao"}}" data-news_link="//www.iser-br.com/news/vodafone-has-no-plans-to-exit-india-vittorio-colao/57745062">