Vodafone Might Stop Its Operation In India Following Huge Loss: Report


India's biggest telecom player Vodafone is likely to shut down and stop its operation from India, reports IANS. According to the report, there is a buzz in the telecom sector that Vodafone is planning to leave India any day now, due to operating losses in the joint-venture company Vodafone-Idea.

Vodafone Might Stop Its Operation In India Following Huge Loss: Report


Besides, the company is losing millions of customers every month. Lastly, decreasing market capitalization could be another reason for this decision. Meanwhile, Vodafone Idea has announced that the merger of Indus towers with Bharti Infratel is not possible, due to Foreign Direct Investment regulations.

On the other hand, Vodafone has denied and dismissed a news report, which says that it has approached its lenders for debt recast. "We have not made any request for debt recast to any lender or asked for the reworking of payment terms. We continue to pay all our debts as and when these fall due," Vodafone Idea said in a statement.

Adding to that, "There has been reportage in some media alleging that Vodafone Idea has approached its lenders for debt recast. We categorically deny and dismiss this as baseless and factually incorrect."

Supreme Court Judgement On AGR

The problem surged after the Supreme Court ordered against Airtel, Vodafone, and Reliance Communication on AGR, under which Vodafone has to pay Rs. 28,309 crore to the government in three months. In fact, Vodafone has clarified that this judgment has financial implications, and they are reviewing it.

The statement further goes on to say that the company will engage with the Department of Telecom (DOT). For the unaware, Vodafone Idea has been losing customers, ever since they have announced their merger in 2017. In addition, free calls and cheap data by Reliance Jio forced the operator to introduce new tariff plans on a daily basis.

Most Read Articles
Best Mobiles in India

Read More About: vodafone

Best Phones

Get Instant News Updates
Notification Settings X
Time Settings
Clear Notification X
Do you want to clear all the notifications from your inbox?
Yes No
Settings X
We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Gizbot sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Gizbot website. However, you can change your cookie settings at any time. Learn more