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India Business News: Shares of India's Vodafone Idea tumbled as much as 24% on Thursday, a day after the troubled telecom operator's board accepted billionaire-industriali
Vodafone Idea owes more than Rs 50,000 crore as outstanding AGR dues to the government Vodafone Group has no plans of infusing more equity into the loss-making Vodafone Idea, Vodafone Group CEO Nick Read said in a conference call, while acknowledging that the telco is going through difficult times. "It is a highly stressed situation that they are trying to navigate. We as a group try to provide them as much practical support as we can, but I want to make it very clear, we are not putting any additional equity into India," Nick Read said. Mr Read's statement comes in the backdrop of Mr Birla'...
Govt preparing relief package for telecom sector SECTIONS Share Synopsis An official said there has been no communication from Vodafone Group on the proposal so far and the government has also not sought any clarification. “We have already announced a ₹70,000-crore package for BSNL. The government’s hands are full,” the official added. The package will allow surrender of spectrum, reduce bank guarantees, phase out levies and prospectively define AGR to provide relief to the sector, an official said. The government is preparing a relief package for the telecom sector, but has no plans ...
Birla offers Voda Idea stake to government Top Searches Birla offers Voda Idea stake to government Pankaj Doval / TNN / Aug 3, 2021, 04:05 IST FacebookTwitterLinkedinEMail NEW DELHI: Unable to work out a revival for the ailing telcom company Vodafone Idea (VIL), company chairman Kumar Mangalam Birla has offered his group’s stake to the government or any other entity that it deems fit, saying that the measure is required in “national interest” as the operations are headed towards an “irretrievable point of collapse”. Birla’s appeal, through a letter written to cabinet secretary R...
Synopsis If equalisation of stakes doesn’t happen even in four years, the UK telecom major can sell its holdings to reach ABG's level from the start of the fifth year to the 10th. Vodafone holds 44.39% of Vi. Agencies The Aditya Birla Group (ABG) has no plans to exercise its option under an existing shareholder pact to buy shares of Vodafone Idea from co-promoter, the UK's Vodafone Group, and increase its 27.66% stake, two people aware of the matter said. Under the pact, ABG has the option to buy additional shares at Rs 130 apiece from Vodafone Group to raise its holding in Vi to 35.5% wit...