India asks Vodafone Idea to offer 33% stake for Rs 16,000 crore dues

Vodafone Idea said that India has directed the struggling telecom major to convert a portion of its dues worth Rs 16,000 crore it owes to the government into equity.
Vodafone Idea mobile network
“The Ministry of Communications has directed the company to convert the NPV of the interest related to deferment of spectrum auction installments and AGR dues into equity shares to be issued to the government of India,” Vodafone Idea said in a filing.

India government will take 33 percent equity in Vodafone Idea after converting all interest related to payments for spectrum and other dues into equity.

This will make the government the largest shareholder in Vodafone Idea.

Vodafone Idea will convert dues of Rs 16,133 crore into equity and issue shares for Rs 10 each, the company informed.

“We had sought a firm commitment that the Aditya Birla Group would run the company and bring necessary investments. The Birlas have agreed and hence we have agreed to convert. We want India to be a three-player market plus BSNL and ensure healthy competition for consumers,” Telecom Minister Ashwini Vaishnaw said in a statement.

Latest

More like this
Related

Virgin Media O2 Q2 2025 revenue drops 5.5% amid handset slowdown and fixed-line losses

Virgin Media O2 has reported a 5.5 percent year-over-year...

Telefonica reports €18 bn revenue in H1 2025 with growth in Spain and Brazil

Telefonica reported revenues of €18.01 billion in the first...

Orange lifts full-year target as Africa & Middle East drive revenue, customer, and ARPU growth in H1 2025

Orange reported a revenue increase of 0.3 percent in...

Australia telecom and Pay-TV revenue to reach $19.9 bn by 2029, driven by 5G and fiber

Australia’s telecom and pay-TV services market is projected to...