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MUMBAI, March 20 (Reuters) - Britain's Vodafone Group will merge its Indian subsidiary with local rival Idea Cellular within two years, Idea said on Monday.
Vodafone will own 45.1 percent of the merged entity, after it transfers about 4.9 percent to promoters of Idea and/or their affiliates for 38.74 billion rupees ($592.15 million) in cash, Idea said.
Idea will have the sole right to appoint the chairman
Shares in Idea rose as much as 14.25 percent immediately after the merger news but gave up gains to be trading up 3.8 percent at 0355 GMT.
$1 = 65.4225 Indian rupees Reporting by Swati Bhat; Editing by Stephen Coates