独家
- idea合并:关于公司和法律复杂性的幕后报告
一位官员表示:“没有人想匆忙做出任何决定，也没有人想留有余地，因为10年后，没有人希望自己手上有指控任何不当行为的法律案件。”
-
BSNL宣布六名官员被迫退休
被强制退休的军官是印度电信服务(ITS)干部，批次从1988年到1992年不等。
-
-
-
这是维托里奥·科劳在世界经济论坛今年早些时候在达沃斯举行的世界经济论坛(WEF)行长会议。虽然沃达丰集团(Vodafone Group Plc)的首席执行官直言不讳地批评了世界上最大的民主国家错综复杂的法规和官僚主义，但在2017年3月沃达丰和Idea决定合并后，监管审批的创纪录速度似乎令他感到高兴。2018年6月是完成合并并创建世界第二大电信巨头的最后期限，这看起来是可行的。
然后电话挂断了。突然之间，整件事被绊倒或卷入法律纠纷的可能性变得非常现实，这意味着价值100亿美元的协同效应将受到打击。到6月中旬，形势开始恶化。电讯管理局(点)令所有人感到意外的是，他要求助理法律总监就收费要求进行第二轮法律意见。收费要求一直是一个有争议的问题，因为大部分的收费要求，例如牌照费、频谱使用费和一次性频谱费，均被法庭搁置。根据目前的并购法规，只有OTSC需要支付。
尽管交通部需要展示政府试图赖以生存的“业务轻松”口号，但它不希望任何事后的指责或来自警惕或其他机构的争议。因此，它决定极其谨慎地进行。这件事也非常微妙，因为合并是第一个100%外商直接投资的提案，进入Idea Cellular，在外国投资促进委员会(FIPB）.
“没有人想匆忙做出任何决定，或留有余地，因为10年后，没有人希望自己手上有指控任何不当行为的法律案件，”当时处理该问题的一名官员表示。消息人士说，另一个需要澄清的问题是，在11个圈子中，银行担保OTSC在超过4.4兆赫的电波上向Idea寻求的日期。OTSC费用是基于DoT的规定，该规定要求在2008年7月至2012年12月31日期间在一个圈子内持有超过6.2 MHz的电信公司为所持有的剩余频谱支付与市场挂钩的价格。
点是，划t
从那以后，它变成了日常事务。双方的行政人员每天都要在权力走廊里呆上几个小时，几乎每小时都在跟踪文件的动向——从初级级别到秘书办公室，然后到部长。随着时间的推移，参观交通部的公司人数上升了几个档次。自2017年3月底宣布其电信公司与全球运营商沃达丰印度合并以来，Aditya Birla集团董事长Kumar Mangalam Birla在前9个月内两次会见了交通部高级官员。
但后来，随着“印度公司”最快、最顺利的并购交易的标签开始失去光泽，会议的频率增加了。事实上，在过去的三个月里，Birla已经与交通部官员会面了三次。科劳还两次从伦敦前往印度，与电信部长马诺基·辛哈会面，以确保杯子和嘴唇之间没有滑落。在获得有条件批准后不久，沃达丰集团首席财务官尼克•里德(Nick Read)陪同他进行了第二次访问，后者很快将取代科劳。
在合并之前，沃达丰还派其集团共享服务董事长拉文德·塔卡(Ravinder Takkar)和即将离职的沃达丰印度董事总经理苏尼尔·苏德(Sunil Sood)进入舞台，推动事态发展。Idea Cellular董事总经理Himanshu Kapania也加入了进来。据一些公司官员说，合并后的电信公司甚至联系过总理办公室。时间表很重要。英国沃达丰集团(Vodafone Group Plc)的印度电信部门和多元化的Aditya Birla集团(Aditya Birla Group)迫切希望完成合并。他们每天损失20亿卢比，这一延迟阻碍了估计100亿美元的成本和资本支出协同效应的关键解锁，合并后的实体需要在4G领域保持竞争力，Reliance Jio Infocomm和Bharti Airtel在4G领域处于领先地位。
如此绝望，印度第二大电信公司沃达丰和第三大Idea支付了超过720亿卢比的OTSC费用和非拍卖频段的市场费用，就像运输部要求的那样，尽管遭到了抗议，称“任何进一步延迟批准沃达丰牌照和Idea将永久损害合并后的实体。”与此同时，沃达丰印度公司第一季度服务收入同比下降31%。在持续的关税压力下，Idea的业务也很薄弱，如果没有出售塔部的一次性收益，该运营商将在第一季度遭受27576亿卢比的亏损(税前和特殊项目)。尽管在如此大规模的交易中，每个人都会考虑到最后时刻的小问题，但直到上周，idea与沃达丰(vodafone)的交易确实还是非常艰难的。
这只是一天的工作
7月26日，在该交易获得最终批准的几天后，电信部长Aruna Sundararajan显然松了一口气，他说:“这对我们来说是个悬念，很多时候都存在不确定性。”拖延得越久，竞争对手们关于阴谋的传言就越响亮。另一名官员声称:“当然，有些力量在起作用，但这就是游戏的名称。”这暗示了一直导致竞争激烈的行业两极分化的企业太极拳。
尽管这些指控无法得到独立消息来源的证实，但它们极大地增加了谈判中最后一刻延期背后的阴谋。“我们进行了紧张的谈判。有时，他们在隔壁房间讨论，有时，我们在不知道他们会做什么的情况下采取了一步。各方都会回到他们的顾问和法律专家那里，然后拿出一些新的方案。”
一家正在合并的电信公司的高管估计，仅上个月就召开了20-25次会议。“你是做什么的?”我们最多只能推一下。但我们了解印度的运作方式，”另一位公司高管耸耸肩说。一位参与整合过程的顾问表示:“这些公司可能考虑到了一些延误，但当我们与高管交流时，他们肯定有一种不安的气氛。”
来自Idea Cellular和沃达丰印度公司(Vodafone India)的富有高管通常每年都会与电信部门举行一两次粗略的会议。但在印度第二大和第三大电信公司宣布计划进行印度最大的并购交易后，这成为了一场定期的跋涉。当然，在过去两个月里，随着企业人群——包括高层管理人员——试图哄骗官员们迅速批准，这种节奏已经转变为疯狂。“当政府在谈论做生意的便利程度时，我们现在访问电信部和其他监管机构的次数比过去几年的总和还要多，这难道不具有讽刺意味吗?”一位高管问道，他是访问交通部的常客之一，次数超出了他的预期。
几乎在一起
在获得批准一周后的今天，各方都认为，打造这宗印度企业规模最大的并购案面临着独特的挑战。虽然Sundararajan承认“过程中存在循环”，但她补充说，该部门的职责是“在这些资产易手时维护政府利益”，并且遵守了合规规定。但是，根据这两家电信公司高管的说法，官僚主义的繁文缛节让他们损失了金钱和用户，同时也影响了他们的股东。
现在，印度最大的电信公司沃达丰(Vodafone Idea Ltd)只需获得国家公司法法庭的粗略批准，就可以击败Bharti Airtel，拥有约4.08亿用户和约37%的收入市场份额。它将有超过6亿卢比的收入，但令人担忧的是，也有大约125亿卢比的债务。不过，在与Jio和Airtel争夺用户方面，这两家公司联合起来会好得多。16个月后，这一联盟似乎巩固了。尽管Birla最近表示，新实体正在“令人兴奋的旅程”，但有人说，谈判可能仍在进行。
“我们仍将等待交通部对我们的报告做出回应，我们已经告诉他们我们的估计和计算。根据他们的说法，我们将决定是否起诉。但尽管支付了(会费)，我们仍保留了这一选择，”一位知情人士表示。合并最大的收获可能是创建了一个模板。Sundararajan表示:“总体而言，这是清晰的，这将有助于未来的并购。”不过，分析师估计，沃达丰Idea将面临艰难时期，由于推迟上市，问题将更加严重。现在它必须击败那些略微领先的对手。
美银美林(Bank of America-Merrill Lynch)在7月份的报告中表示，鉴于Jio和Airtel在数据投资方面都领先于沃达丰/Idea，合并后的实体可能会失去市场份额，并可能抢走客户。虽然这两家公司已经开始努力削减所有的赘肉，但瑞士信贷的一份报告称，尽管“大幅削减成本，但我们认为合并后的公司未来三年的年度Ebitda不会超过1600亿卢比。”这个想法的时机确实到了。也许比实际发生的要早。
![\"Vodafone-Idea](\"https:\/\/st.etb2bimg.com\/Themes\/Release\/images\/responsive\/ettelecom-default.jpg\")
<\/figure> The swift way in which the Idea-Vodafone merger is progressing under a year shows the improvement in ease of doing business in India.\u201dThat was Vittorio Colao at the World Economic Forum<\/a> (WEF) governors\u2019 meeting in Davos earlier this year. Though a vocal critic of the labyrinthian regulations and bureaucracy of the world\u2019s largest democracy, the chief executive of Vodafone Group Plc was seemingly delighted about the record speed of regulatory approvals that were coming along after Vodafone and Idea decide to join forces in March 2017. The June 2018 deadline to consummate the union and create the world\u2019s secondlargest telecom giant looked plausible.
And then the call dropped. Suddenly, chances of the whole thing getting tripped up or entangled in legalities became very real, and that meant a hit on $10 billion worth of synergies. By mid-June, the tide had turned for the worse. The Department of Telecom (DoT<\/a>) surprised all by seeking a second round of legal opinion from the Assistant Solicitor General (ASG) on the demand for dues \u2014 always a contentious issue as most demands such as licence fee, spectrum usage charges and one-time spectrum charge (OTSC) had been stayed by courts. According to current mergers and acquisitions (M&A) regulations, only OTSC needed to be paid up.
<\/div><\/div>In his first opinion, the ASG had said the merger of Vodafone\u2019s six subsidiaries with Vodafone Mobile Services (VMSL) in 2014-15 must be completed and balance OTSC paid. But then DoT sought to clarify if demands related to the merger of six units with VMSL are also to be raised, along with those related to the present merger between Idea and Vodafone. Divergent views also emerged within the department on the mode of seeking dues. One side argued that all dues on VMSL must be sought in cash, while the other said it could be a combination of cash and bank guarantees.
Even though DoT needed to showcase the \u2018ease of business\u2019 mantra that the government is trying to live by, it didn\u2019t want any post facto finger-pointing or controversies from vigilance or other agencies. Thus, it decided to proceed with extreme caution. The matter was also very delicate inasmuch as the merger was the first 100% FDI proposal, into Idea Cellular, to come up directly for departmental clearance after scrapping of the Foreign Investment Promotion Board (FIPB<\/a>).
\u201cNo one wanted to take any decision in haste or give any leeway because 10 years later, no one wants to have a legal case on their hands alleging any wrongdoing,\u201d says an official who was dealing with the issue at that time. Another point of clarification was the date from which bank guarantees for OTSC be sought from Idea on airwaves beyond 4.4 MHz in 11 circles, say sources. OTSC dues are based on DoT rules that require a telco holding more than 6.2 MHz in a circle between July 2008 and December 31, 2012, to pay a marketlinked price for the excess spectrum held.
Even though DoT needed to showcase the \u2018ease of business\u2019 mantra that the government is trying to live by, it didn\u2019t want any post facto finger-pointing or controversies from vigilance or other agencies. Thus, it decided to proceed with extreme caution. The matter was also very delicate inasmuch as the merger was the first 100% FDI proposal, into Idea Cellular, to come up directly for departmental clearance after scrapping of the Foreign Investment Promotion Board (FIPB<\/a>).
\u201cNo one wanted to take any decision in haste or give any leeway because 10 years later, no one wants to have a legal case on their hands alleging any wrongdoing,\u201d says an official who was dealing with the issue at that time. Another point of clarification was the date from which bank guarantees for OTSC be sought from Idea on airwaves beyond 4.4 MHz in 11 circles, say sources. OTSC dues are based on DoT rules that require a telco holding more than 6.2 MHz in a circle between July 2008 and December 31, 2012, to pay a marketlinked price for the excess spectrum held.
<\/div><\/div>Likewise, the telcos may be told to pay the market price for airwave holdings beyond 4.4 MHz per circle between January 2013 and the expiry of their respective licences. DoT had first raised a claim for more than Rs 8,100 crore, including OTSC, of which VMSL paid Rs 2,450 crore. The balance remained as the case was pending in the telecom tribunal. Finally, the telecom department asked the operators to pay more than Rs 7,200 crore as dues. Both telcos asked for recalculation as they felt the final numbers should be lower than what was being asked. \u201cWe were comfortable at that point. But surprise is the only constant in the way the Indian government works\u2026\u201d quips a senior executive at one of the two companies on condition of anonymity.
DOT THE Is, CROSS THE Ts<\/strong>
And from then on, it became a day-to-day affair. Executives of both sides spent hours daily in the corridors of power, tracking the movements of the file on a nearly hourly basis \u2014 from the junior levels to the secretary\u2019s office and then to the minister. As days began to pass, the profile of company visitors to DoT went up several notches. Kumar Mangalam Birla, chairman of the Aditya Birla Group, met senior DoT officials twice in the first nine months since announcing his telecom company\u2019s merger with global operator Vodafone India at the end of March 2017.
But then, as the tag of the fastest and smoothest M&A deal in India Inc started to lose shine, the frequency of meetings increased. Birla, in fact, has met DoT officials thrice in the past three months. Colao has also travelled from London to India twice to meet the telecom secretary and telecom minister Manoj Sinha to ensure there was no slip between the cup and the lip. On his second visit, soon after a conditional approval was granted, he was accompanied by Vodafone Group chief financial officer Nick Read, who will soon replace Colao.
In the lead-up to the merger, Vodafone had also sent its group shared services chairman Ravinder Takkar, besides outgoing Vodafone India managing director Sunil Sood, into the arena to move things along. Idea Cellular managing director Himanshu Kapania too joined in. Even the Prime Minister\u2019s Office was approached by the merging telcos, according to some company officials. Timelines were critical. The Indian telecom units of UK\u2019s Vodafone Group Plc and the diversified Aditya Birla Group were desperate to complete the merger. They were losing Rs 200 crore a day and the delay had held up critical unlocking of an estimated $10 billion of cost and capital expenditure synergies that the combined entity needs to stay competitive on the 4G front, where Reliance Jio Infocomm and Bharti Airtel have taken the lead.
Such was the desperation that India\u2019s number 2 telco, Vodafone, and third-ranked Idea paid up over Rs 7,200 crore dues as OTSC and market fees for nonauctioned airwaves, just as demanded by DoT, though under protest, saying \u201cany further delay for according the approval of Vodafone licences and Idea would permanently impair the merged entity.\u201d This came, even as Vodafone India\u2019s first quarter service revenue slumped 31% on-year. Idea\u2019s operations, too, are weak amid sustained tariff pressures and without a one-time gain from the sale of its tower arm, the carrier would have suffered a Rs 2,757.6 crore loss (before tax and exceptional items) in the first quarter. Although everyone factors in end-moment hiccups in such a large transaction, the Idea-Vodafone deal was a very tight call indeed till last week.
ALL IN A DAY\u2019S WORK<\/strong>
A few days after the deal was given final approval on July 26, a visibly-relieved telecom secretary Aruna Sundararajan said, \u201cIt has been quite a cliffhanger for us and there were many occasions when there were uncertainties.\u201d The more the delay, the louder became the whispers of a conspiracy by rivals. \u201cOf course, some forces were at play, but that is the name of the game,\u201d alleges another official, hinting at corporate shadowboxing that has always polarised the hyper-competitive sector.
Though these allegations can\u2019t be independently confirmed, they added greatly to the intrigue behind lastminute deferments amid discussions. \u201cWe had intense negotiations. At times, they were in the next room discussing and at times, we took a step without knowing what they would do. All sides would go back to their consultants, legal experts and come back with something else that presented a new scenario,\u201d says Sundararajan.
A senior executive at one of merging telcos estimates 20-25 meetings in the last month alone. \u201cWhat do you do? We could, at best, push. But we know the way India works,\u201d shrugs another company official. \u201cThe companies may have factored in some delays but there was definitely an air of agitation when we interacted with the executives,\u201d says a consultant who was involved in the integration process.
Well-heeled executives from Idea Cellular and Vodafone India usually have that cursory meeting or two with the telecom department in a year. But it became a regular trek after India\u2019s number 2 and 3 telcos announced plans to create India\u2019s largest M&A deal. In the past two months, of course, it has transformed to frantic pacing as corporate crowds \u2014 including the top management \u2014 tried to coax officials into granting speedy approvals. \u201cIsn\u2019t it ironic that when the government is talking about ease of doing business, we have visited the telecom ministry and other regulatory bodies more now than in a few years put together?\u201d asks an executive, who has been among those visiting DoT more often than he would have liked.
ALMOST TOGETHER<\/strong>
Today, a week after approvals are in, all sides agree that crafting the largest merger of India Inc has had unique challenges. While Sundararajan accepts there is \u201ccircularity in the process,\u201d she adds that the department\u2019s duty is to \u201csafeguard government interests when these assets change hands\u201d and compliance was adhered to. But, according to executives in these two telcos, the bureaucratic red tape cost them money and subscribers, while affecting their shareholders too.
Now, only a cursory clearance from the National Company Law Tribunal is needed to form India\u2019s largest telco, Vodafone Idea Ltd, pipping Bharti Airtel, with some 408 million subscribers and around 37% revenue market share. It will have over Rs 60,000 crore in revenue but, worryingly, also some Rs 1,25,000 crore in debt. Still, the duo will be much better off united in the fight for subscribers against Jio and Airtel. After 16 months, the alliance looks cemented. And although Birla recently said the new entity is on an \u201cexciting journey,\u201d some say negotiations may still be on.
\u201cWe will still wait for DoT to respond to our presentation, where we have told them of our estimates and calculations. Basis what they say, we will decide whether to move court or not. But we have kept that option open despite paying up (dues),\u201d says one of the people in the know. Possibly the biggest gain from the merger has been the creation of a template. \u201cOverall, there is clarity and this will help for future mergers,\u201d says Sundararajan. Analysts, though, estimate tough times ahead for Vodafone Idea, with troubles accentuated due to the delay. It will now have to beat those who edged ahead.
Bank of America-Merrill Lynch, in its July report, says the merged entity would be vulnerable to market share losses, given that both Jio and Airtel are ahead of Vodafone\/Idea in data investment, and will likely take away customers. While the duo has embarked on severe efforts to tone down all flab, a Credit Suisse report says despite \u201csharp cost cuts, we do not see annual Ebitda for the merged company crossing Rs 16,000 crore for the next three years.\u201d It was an Idea whose time had indeed come. Perhaps sooner than it is actually happening.
<\/div><\/div>
DOT THE Is, CROSS THE Ts<\/strong>
And from then on, it became a day-to-day affair. Executives of both sides spent hours daily in the corridors of power, tracking the movements of the file on a nearly hourly basis \u2014 from the junior levels to the secretary\u2019s office and then to the minister. As days began to pass, the profile of company visitors to DoT went up several notches. Kumar Mangalam Birla, chairman of the Aditya Birla Group, met senior DoT officials twice in the first nine months since announcing his telecom company\u2019s merger with global operator Vodafone India at the end of March 2017.
But then, as the tag of the fastest and smoothest M&A deal in India Inc started to lose shine, the frequency of meetings increased. Birla, in fact, has met DoT officials thrice in the past three months. Colao has also travelled from London to India twice to meet the telecom secretary and telecom minister Manoj Sinha to ensure there was no slip between the cup and the lip. On his second visit, soon after a conditional approval was granted, he was accompanied by Vodafone Group chief financial officer Nick Read, who will soon replace Colao.
In the lead-up to the merger, Vodafone had also sent its group shared services chairman Ravinder Takkar, besides outgoing Vodafone India managing director Sunil Sood, into the arena to move things along. Idea Cellular managing director Himanshu Kapania too joined in. Even the Prime Minister\u2019s Office was approached by the merging telcos, according to some company officials. Timelines were critical. The Indian telecom units of UK\u2019s Vodafone Group Plc and the diversified Aditya Birla Group were desperate to complete the merger. They were losing Rs 200 crore a day and the delay had held up critical unlocking of an estimated $10 billion of cost and capital expenditure synergies that the combined entity needs to stay competitive on the 4G front, where Reliance Jio Infocomm and Bharti Airtel have taken the lead.
Such was the desperation that India\u2019s number 2 telco, Vodafone, and third-ranked Idea paid up over Rs 7,200 crore dues as OTSC and market fees for nonauctioned airwaves, just as demanded by DoT, though under protest, saying \u201cany further delay for according the approval of Vodafone licences and Idea would permanently impair the merged entity.\u201d This came, even as Vodafone India\u2019s first quarter service revenue slumped 31% on-year. Idea\u2019s operations, too, are weak amid sustained tariff pressures and without a one-time gain from the sale of its tower arm, the carrier would have suffered a Rs 2,757.6 crore loss (before tax and exceptional items) in the first quarter. Although everyone factors in end-moment hiccups in such a large transaction, the Idea-Vodafone deal was a very tight call indeed till last week.
ALL IN A DAY\u2019S WORK<\/strong>
A few days after the deal was given final approval on July 26, a visibly-relieved telecom secretary Aruna Sundararajan said, \u201cIt has been quite a cliffhanger for us and there were many occasions when there were uncertainties.\u201d The more the delay, the louder became the whispers of a conspiracy by rivals. \u201cOf course, some forces were at play, but that is the name of the game,\u201d alleges another official, hinting at corporate shadowboxing that has always polarised the hyper-competitive sector.
Though these allegations can\u2019t be independently confirmed, they added greatly to the intrigue behind lastminute deferments amid discussions. \u201cWe had intense negotiations. At times, they were in the next room discussing and at times, we took a step without knowing what they would do. All sides would go back to their consultants, legal experts and come back with something else that presented a new scenario,\u201d says Sundararajan.
A senior executive at one of merging telcos estimates 20-25 meetings in the last month alone. \u201cWhat do you do? We could, at best, push. But we know the way India works,\u201d shrugs another company official. \u201cThe companies may have factored in some delays but there was definitely an air of agitation when we interacted with the executives,\u201d says a consultant who was involved in the integration process.
Well-heeled executives from Idea Cellular and Vodafone India usually have that cursory meeting or two with the telecom department in a year. But it became a regular trek after India\u2019s number 2 and 3 telcos announced plans to create India\u2019s largest M&A deal. In the past two months, of course, it has transformed to frantic pacing as corporate crowds \u2014 including the top management \u2014 tried to coax officials into granting speedy approvals. \u201cIsn\u2019t it ironic that when the government is talking about ease of doing business, we have visited the telecom ministry and other regulatory bodies more now than in a few years put together?\u201d asks an executive, who has been among those visiting DoT more often than he would have liked.
ALMOST TOGETHER<\/strong>
Today, a week after approvals are in, all sides agree that crafting the largest merger of India Inc has had unique challenges. While Sundararajan accepts there is \u201ccircularity in the process,\u201d she adds that the department\u2019s duty is to \u201csafeguard government interests when these assets change hands\u201d and compliance was adhered to. But, according to executives in these two telcos, the bureaucratic red tape cost them money and subscribers, while affecting their shareholders too.
Now, only a cursory clearance from the National Company Law Tribunal is needed to form India\u2019s largest telco, Vodafone Idea Ltd, pipping Bharti Airtel, with some 408 million subscribers and around 37% revenue market share. It will have over Rs 60,000 crore in revenue but, worryingly, also some Rs 1,25,000 crore in debt. Still, the duo will be much better off united in the fight for subscribers against Jio and Airtel. After 16 months, the alliance looks cemented. And although Birla recently said the new entity is on an \u201cexciting journey,\u201d some say negotiations may still be on.
\u201cWe will still wait for DoT to respond to our presentation, where we have told them of our estimates and calculations. Basis what they say, we will decide whether to move court or not. But we have kept that option open despite paying up (dues),\u201d says one of the people in the know. Possibly the biggest gain from the merger has been the creation of a template. \u201cOverall, there is clarity and this will help for future mergers,\u201d says Sundararajan. Analysts, though, estimate tough times ahead for Vodafone Idea, with troubles accentuated due to the delay. It will now have to beat those who edged ahead.
Bank of America-Merrill Lynch, in its July report, says the merged entity would be vulnerable to market share losses, given that both Jio and Airtel are ahead of Vodafone\/Idea in data investment, and will likely take away customers. While the duo has embarked on severe efforts to tone down all flab, a Credit Suisse report says despite \u201csharp cost cuts, we do not see annual Ebitda for the merged company crossing Rs 16,000 crore for the next three years.\u201d It was an Idea whose time had indeed come. Perhaps sooner than it is actually happening.
<\/div><\/div>
Follow and connect with us on Twitter<\/a>, Facebook<\/a>, Linkedin<\/a>, Youtube<\/a><\/div>","NumberOfSentences":{"minfo":"80.0","minfoseo":"80-0"},"AutomatedReadabilityIndex":{"minfo":"14.0","minfoseo":"14-0"},"LastPublishMilliTime":{"minfo":"1533006489728","minfoseo":"1533006489728"},"ReadabilityGradeLevel":{"minfo":"College","minfoseo":"college"},"GadgetsMarkedReviewed":{"minfo":"0","minfoseo":"0"},"HashCode":{"minfo":"1072143070","minfoseo":"1072143070"},"latestnewsflag":{"minfo":"1.0","minfoseo":"1-0"},"canonicalURL":{"minfo":"https:\/\/economictimes.indiatimes.com\/industry\/telecom\/telecom-news\/vodafone-idea-merger-behind-the-scenes-report-on-corporate-legal-intricacies\/articleshow\/65206550.cms","minfoseo":"https\/economictimes-indiatimes-com\/industry\/telecom\/telecom-news\/vodafone-idea-merger-behind-the-scenes-report-on-corporate-legal-intricacies\/articleshow\/65206550-cms"},"NumberOfCharacters":{"minfo":"10737.0","minfoseo":"10737-0"},"NumberOfWords":{"minfo":"1804.0","minfoseo":"1804-0"},"key":{"0":{"keyid":"69007","value":"World Economic Forum","smid":"0","keynameseo":"World-Economic-Forum","keytype":"","keycount":"totalcount","weightage":"20"},"1":{"keyid":"3591484","value":"vodafone-idea merger","smid":"0","keynameseo":"vodafone-idea-merger","keytype":"","keycount":"totalcount","weightage":"20"},"2":{"keyid":"101447","value":"M&A","smid":"0","keynameseo":"MA","keytype":"","keycount":"totalcount","weightage":"20"},"4":{"keyid":"6360345","value":"fipb","smid":"0","keynameseo":"fipb","keytype":"","keycount":"totalcount","weightage":"20"},"5":{"keyid":"16054","value":"DoT","smid":"0","keynameseo":"DoT","keytype":"","keycount":"totalcount","weightage":"20"}},"authorsplit":{"author":[{"artau":"Devina Sengupta","aunameseo":"devina-sengupta","artauid":"479212895","artauemail":"devinasengupta@gmail.com","auFullName":"Devina Sengupta","pubname":"ET","designame":"Senior Assistant Editor","audetailsxml":{"authordetails":"I track the Telecom sector, tussles in India Inc's Business Houses and have reported on the Human Capital market for close to a decade. Now in the Telecom beat, I report on M&As, government policies, consumer behaviour and the legal battles involving investors, shareholders and companies. A degree in psychology and another one in journalism helps me break down a story and cover its impact from multiple perspectives. You can reach me on devina.sengupta@timesgroup.com and on Twitter - @DevinaET","details":{"detail":[{"@attributes":{"type":"occupation"}},{"@attributes":{"type":"beat"}}]}},"aulinksxml":{"links":{"link":{"twitter":[],"facebook":[],"googlePlusUrl":[],"contributorUrl":[]}}},"auagencyid":"88675387","auagencyname":"ET Bureau","autype":"GENERAL"},{"artau":"Gulveen Aulakh","aunameseo":"gulveen-aulakh","artauid":"19656","artauemail":"gulveenaulakh@gmail.com","auselfimageid":"19656","auimageid":"0019656","auimagelen":"27429","auFullName":"Gulveen","pubname":"ET","designame":"Assistant Editor","audetailsxml":{"authordetails":"I cover India's telecom sector from multiple aspects including policy, regulatory, corporate and litigation, for The Economic Times, the largest financial daily. I also cover devices and handset makers in India, and I can say that I'm partly responsible for making this section's coverage a separate one for the industry. Having spent more than a decade in journalism covering retail, IT, aviation, state level politics and now telecom, getting deep-dive, holistic and insightful picture on any story has become a mainstay. You can reach me on gulveen.aulakh@timesgroup.com and on Twitter - @gulveenaulakhET","details":{"detail":[{"@attributes":{"type":"occupation"}},{"@attributes":{"type":"beat"}}]}},"aulinksxml":{"links":{"link":{"twitter":[],"facebook":[],"googlePlusUrl":[],"contributorUrl":[]}}},"auagencyid":"88675387","auagencyname":"ET Bureau","autype":"GENERAL"}]},"similarlytagged":[{"msid":"95856173","stname":"Rivada Space Networks joins GSOA to deliver connectivity to govt, enterprises","artsyn":"\u201cRivada will work alongside other global satellite operators to realise GSOA's aims to drive industry leadership in the face of unparalleled innovation in the space sector, an insatiable demand for all types of connectivity, and a need to bring sustainability to space,\u201d the company said in a statement.","seolocation":"telecomnews\/rivada-space-networks-joins-gsoa-to-deliver-connectivity-to-govt-enterprises","seolocationalt":"Rivada Space Networks joins GSOA to deliver connectivity to govt, enterprises","url_seo":"rivada-space-networks-joins-gsoa-to-deliver-connectivity-to-govt-enterprises"},{"msid":"94547535","stname":"GSMA forms Post-Quantum taskforce with IBM, Vodafone","artsyn":"\u201cThe GSMA Post-Quantum Telco Network Taskforce will help define requirements, identify dependencies and create the roadmap to implement quantum-safe networking, mitigating the risks associated with future, more-powerful quantum computers,\u201d the London-based telco body said in a media statement.","seolocation":"telecomnews\/gsma-forms-post-quantum-taskforce-with-ibm-vodafone","seolocationalt":"GSMA forms Post-Quantum taskforce with IBM, Vodafone","url_seo":"gsma-forms-post-quantum-taskforce-with-ibm-vodafone"},{"msid":"91825141","stname":"\u2018Absolutely committed\u2019 to stay invested in Vodafone Idea: KM Birla","artsyn":"\u201cAs of now, we are very committed. The intent is to find a financial partner to come and invest in the company,\u201d Birla told BQ Prime in an interview, on the sidelines of the World Economic Forum in Davos, adding that the worst is behind for the telco.","seolocation":"telecomnews\/absolutely-committed-to-stay-invested-in-vodafone-idea-km-birla","seolocationalt":"\u2018Absolutely committed\u2019 to stay invested in Vodafone Idea: KM Birla","url_seo":"absolutely-committed-to-stay-invested-in-vodafone-idea-km-birla"},{"msid":"91823815","stname":"Stronger regulations for all facets of technology inevitable: Nadella","artsyn":"\"I think the responsibility of stakeholders like ourselves or businesses like us is to both anticipate and adapt to regulation versus ignore it or expect not to have regulation,\" he said here at the World Economic Forum Annual Meeting.","seolocation":"telecomnews\/stronger-regulations-for-all-facets-of-technology-inevitable-nadella","seolocationalt":"Stronger regulations for all facets of technology inevitable: Nadella","url_seo":"stronger-regulations-for-all-facets-of-technology-inevitable-nadella"},{"msid":"91742939","stname":"Intel CEO Pat Gelsinger says chip shortage risks expansion","artsyn":"Gelsinger said at a press roundtable on the sidelines of the World Economic Forum that \"to us, this is now the No. 1 issue, is in fact the delivery of equipment.\"","seolocation":"telecomnews\/intel-ceo-pat-gelsinger-says-chip-shortage-risks-expansion","seolocationalt":"Intel CEO Pat Gelsinger says chip shortage risks expansion","url_seo":"intel-ceo-pat-gelsinger-says-chip-shortage-risks-expansion"},{"msid":"90041458","stname":"Asian workers pushed to upskill as pandemic quickens digital shift","artsyn":"Mutusammy, 47, is among tens of thousands who have tapped the city-state's SkillsFuture Singapore programme, an education and training initiative for adults that has been rejigged to prepare workers for the pandemic environment.","seolocation":"telecomnews\/asian-workers-pushed-to-upskill-as-pandemic-quickens-digital-shift","seolocationalt":"Asian workers pushed to upskill as pandemic quickens digital shift","url_seo":"asian-workers-pushed-to-upskill-as-pandemic-quickens-digital-shift"},{"msid":"88985682","stname":"Cyberattacks surge amid accelerating pace of Covid-driven digitalisation: WEF study","artsyn":"The WEF said the global digital economy surged on the back of the Covid-19 pandemic, but so has cybercrime and nearly 80% of cyber leaders now consider ransomware a 'danger' and 'threat' to public safety.","seolocation":"telecomnews\/cyberattacks-surge-amid-accelerating-pace-of-covid-driven-digitalisation-wef-study","seolocationalt":"Cyberattacks surge amid accelerating pace of Covid-driven digitalisation: WEF study","url_seo":"cyberattacks-surge-amid-accelerating-pace-of-covid-driven-digitalisation-wef-study"},{"msid":"88963237","stname":"Billions of people still not on internet; affordability is key: Sunil Mittal","artsyn":"Speaking at a panel discussion on technology cooperation in the fourth industrial revolution at the World Economic Forum's online Davos Agenda 2022 summit, he also said the industry alone cannot reach the last mile and huge investments would be required in infrastructure to reach that goal.","seolocation":"telecomnews\/billions-of-people-still-not-on-internet-affordability-is-key-sunil-mittal","seolocationalt":"Billions of people still not on internet; affordability is key: Sunil Mittal","url_seo":"billions-of-people-still-not-on-internet-affordability-is-key-sunil-mittal"},{"msid":"82825609","stname":"Why Green technology adoption is critical for organizations in post-COVID world","artsyn":"Three broad things in the green technology adoption will define the new way the businesses in the post-COVID world will operate \u2013 the adoption of digital equality and environmental responsibility into strategic plans, formation of green alliances and making sustainability a part of the company\u2019s genetic code, according to Mahadevan.","seolocation":"telecomnews\/why-green-technology-adoption-is-critical-for-organizations-in-post-covid-world","seolocationalt":"Why Green technology adoption is critical for organizations in post-COVID world","url_seo":"why-green-technology-adoption-is-critical-for-organizations-in-post-covid-world"},{"msid":"82762351","stname":"Apple, Google and other companies reveal what they will do for disability inclusion","artsyn":"The research found that only 5% of FTSE 100 companies have issued board level statements on disability as part of their leadership agenda. With digital accessibility more important than ever, almost one in three companies (29%) are failing to meet website accessibility standards, potentially missing out on a $13 trillion market, made up from the disposable income of persons with disabilities and their friends and family.","seolocation":"telecomnews\/apple-google-and-other-companies-reveal-what-they-will-do-for-disability-inclusion","seolocationalt":"Apple, Google and other companies reveal what they will do for disability inclusion","url_seo":"apple-google-and-other-companies-reveal-what-they-will-do-for-disability-inclusion"},{"msid":"82522287","stname":"5G and factories of the future","artsyn":"(Brand Connect Initiative)","seolocation":"telecomnews\/5g-and-factories-of-the-future","seolocationalt":"5G and factories of the future","url_seo":"5g-and-factories-of-the-future"},{"msid":"81586352","stname":"Reuse and recycle: Google, Microsoft & Dell join forces to tackle e-waste crisis by 2030","artsyn":"Short lifespans of many tech products has made e-waste the planet's fastest growing refuse.","seolocation":"telecomnews\/reuse-and-recycle-google-microsoft-dell-join-forces-to-tackle-e-waste-crisis-by-2030","seolocationalt":"Reuse and recycle: Google, Microsoft & Dell join forces to tackle e-waste crisis by 2030","url_seo":"reuse-and-recycle-google-microsoft-dell-join-forces-to-tackle-e-waste-crisis-by-2030"},{"msid":"81122985","stname":"Work from anywhere: The future has begun","artsyn":"Work from anywhere has the power to reshape old understandings of work, employees and companies now connecting in meetings of the mind and fusions of creativity, rather than the previous approach of physical attendance, hierarchical communication and hours spent within office buildings.","seolocation":"telecomnews\/work-from-anywhere-the-future-has-begun","seolocationalt":"Work from anywhere: The future has begun","url_seo":"work-from-anywhere-the-future-has-begun"},{"msid":"80586658","stname":"Still early days of AI, real potential to come in place in 10-20 years: Sundar Pichai","artsyn":"\"AI will laying a foundation to tackle future problems and it can play a much bigger role in tackling future pandemics,\" Pichai said.","seolocation":"telecomnews\/still-early-days-of-ai-real-potential-to-come-in-place-in-10-20-years-sundar-pichai","seolocationalt":"Still early days of AI, real potential to come in place in 10-20 years: Sundar Pichai","url_seo":"still-early-days-of-ai-real-potential-to-come-in-place-in-10-20-years-sundar-pichai"},{"msid":"80549875","stname":"Artificial Intelligence to transform businesses: Infosys President Joshi","artsyn":"Looking at the impact of AI in the corporate realm, Joshi also said there are issues of privacy and data security and there are changing workforce dynamics.","seolocation":"telecomnews\/artificial-intelligence-to-transform-businesses-infosys-president-joshi","seolocationalt":"Artificial Intelligence to transform businesses: Infosys President Joshi","url_seo":"artificial-intelligence-to-transform-businesses-infosys-president-joshi"},{"msid":"78991293","stname":"View: Don\u2019t let Big Tech take it away","artsyn":"\"Big Tech companies are here to stay to run their business in India for Indian citizens. But regulating them is key to our economic and social destiny. It requires a holistic and long-range view keeping national interests in mind.\"","seolocation":"telecomnews\/view-dont-let-big-tech-take-it-away","seolocationalt":"View: Don\u2019t let Big Tech take it away","url_seo":"view-dont-let-big-tech-take-it-away"},{"msid":"77571860","stname":"View: Multilateral cooperation will be the cornerstone of internet economy","artsyn":"Countries are vying to control the cyberspace with their own rules. This is antithetical to the very nature of the internet. It can no longer be seen as a mere addendum to citizen and consumer well-being.","seolocation":"telecomnews\/view-multilateral-cooperation-will-be-the-cornerstone-of-internet-economy","seolocationalt":"View: Multilateral cooperation will be the cornerstone of internet economy","url_seo":"view-multilateral-cooperation-will-be-the-cornerstone-of-internet-economy"},{"msid":"73582701","stname":"WEF unveils new internet security principles to help protect up to 1 bn users","artsyn":"While certain cyberattacks focus on specific organisations, the majority target the largest number of internet users possible. Such attacks are often relatively easy for cybercriminals to undertake and can cause serious harm.","seolocation":"telecomnews\/wef-unveils-new-internet-security-principles-to-help-protect-up-to-1-bn-users","seolocationalt":"WEF unveils new internet security principles to help protect up to 1 bn users","url_seo":"wef-unveils-new-internet-security-principles-to-help-protect-up-to-1-bn-users"},{"msid":"73570308","stname":"Facebook says Bezos hack highlights smartphone vulnerabilities","artsyn":"It\u2019s not the first time WhatsApp\u2019s been drawn into a hacking controversy. WhatsApp in November sued Israeli spyware maker NSO Group, accusing it of infecting phones of some users through the messaging app.The lawsuit said that NSO Group used a vulnerability in WhatsApp, since patched, to secretly deliver its surveillance software to users.","seolocation":"telecomnews\/facebook-says-bezos-hack-highlights-smartphone-vulnerabilities","seolocationalt":"Facebook says Bezos hack highlights smartphone vulnerabilities","url_seo":"facebook-says-bezos-hack-highlights-smartphone-vulnerabilities"},{"msid":"73519035","stname":"Airtel partners Western Union to launch real time fund transfer service globally","artsyn":"Telecom player Bharti Airtel has joined hands with American financial services provider Western Union to launch real-time payment service for Airtel Payments Bank customers in India and Airtel Africa\u2019s mobile wallet users across 14 countries in the continent.","seolocation":"telecomnews\/airtel-partners-western-union-to-launch-real-time-fund-transfer-service-globally","seolocationalt":"Airtel partners Western Union to launch real time fund transfer service globally","url_seo":"airtel-partners-western-union-to-launch-real-time-fund-transfer-service-globally"}],"primeid":0,"storytags":{"categoryTag":{"sectionid":"49830939","sectionname":"TelecomNews","seolocation":"telecomnews","seolocationalt":"telecomnews"},"otherTags":[{"keyid":"69007","value":"World Economic Forum","smid":"0","keynameseo":"World-Economic-Forum","keytype":"","keycount":"totalcount","weightage":"20"},{"keyid":"3591484","value":"vodafone-idea merger","smid":"0","keynameseo":"vodafone-idea-merger","keytype":"","keycount":"totalcount","weightage":"20"},{"keyid":"101447","value":"M&A","smid":"0","keynameseo":"MA","keytype":"","keycount":"totalcount","weightage":"20"},{"keyid":"6354887","value":"Industry","smid":"0","keynameseo":"Industry","keytype":"","keycount":"totalcount","weightage":"20"},{"keyid":"6360345","value":"fipb","smid":"0","keynameseo":"fipb","keytype":"","keycount":"totalcount","weightage":"20"},{"keyid":"16054","value":"DoT","smid":"0","keynameseo":"DoT","keytype":"","keycount":"totalcount","weightage":"20"}],"filterTags":[]},"formattedTags":{"companyTags":[],"otherTags":[{"name":"World Economic Forum"},{"name":"vodafone-idea merger"},{"name":"Industry"},{"name":"fipb"},{"name":"M&A"},{"name":"DoT"}],"newsCategoryTags":[{"name":"TelecomNews","seolocation":"telecomnews"}],"breadcrumbTags":["World Economic Forum","vodafone-idea merger","M&A","Industry","fipb","DoT"],"filterTags":[]},"breadcrumbTags":["World Economic Forum","vodafone-idea merger","M&A","Industry","fipb","DoT"],"Alttitle":{"minfo":""},"Altdescription":{"minfo":""},"amp_url":"\/\/www.iser-br.com\/amp\/news\/vodafone-idea-merger-behind-the-scenes-report-on-corporate-legal-intricacies\/65207097"}" data-news-images="[{"msid":"65207106","msname":"A hotel employee clears a table after Vodafone Group and Idea Cellular news conference in Mumbai","msnameseo":"a-hotel-employee-clears-a-table-after-vodafone-group-and-idea-cellular-news-conference-in-mumbai","mediatype":"1","artdate":"2018-07-24 09:59:00.0","caption":""}]" data-newsletter-by="0" data-newsletter-date="a" data-hasbottomcarousel="" data-alldetailsopen="0" data-multipleanalyticshit="" data-deeplink="https://ettelecom.app.link?$deeplink_path=" data-socialshareformat="default">
