... [+]Among the country’s largest wireless operators, Vodafone Idea is the weakest. Ambani’s Reliance Jio managed to collect $20 billion from global investors last year, whileBirla says prospective investors want to see the government provide clarity on AGR liability , a moratorium on airwaves payments and a floor price for tariffs.
Vodafone Group, which has a 45% stake in Vodafone Idea, has ruled out any further equity infusion into the Indian business. The U.K. telecom group’s CEO, Nick Read, told analysts after the company’s earnings results in July that it would not invest any further equity into the Indian operations. Vodafone Idea’s financial woes date back a few years, but the situation worsened significantly when the Supreme Court upheld in September 2020 the Department of Telecommunication’s interpretation of the definition of AGR, which includes revenues earned from non-telecom sources such as interest income and capital gains. Both Vodafone Idea and Airtel appealed the decision, but the apex court dismissed their appeal in July.
The company went public in 2007 when it raised about 25 billion rupees by listing its shares on the stock exchanges. In March 2017, Idea Cellular and Vodafone Group announced that they were combining their operations in the country
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