Soumya Sen in Knowledge@Wharton

India’s mobile telecom market is undergoing a radical change. Last month, U.K. telecom giant Vodafone announced that it was merging its Indian subsidiary with local competitor Idea Cellular in a $23 billion deal to form the largest wireless telecom carrier in India — the world’s second-largest telecom market after China.

The new company will serve nearly 400 million customers and capture a 35% customer market share and 41% revenue market share. It also unseats leader Bharti Airtel, which had been busy with its own deals. Earlier this year, Bharti announced the acquisition of the Telenor’s India business. 

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