VODAFONE IDEA

The auction for 5G telecom spectrum began on July 25. Four key contenders are Reliance Jio, Adani Group, Bharti Airtel, and Vodafone Idea. According to Union Communications Minister Ashwini Vaishnaw, India should have full-fledged 5G services by March 2023. Vaishnaw stated 5G spectrum auction will be finished by July end, adding, "Telecom is the primary source of digital consumption and it is very important to bring trusted solution in… read-more

Vodafone Idea (VI) share prices rose 7% during the intraday trading. According to reports, the promoters of the company are ready to infuse Rs 10,000 crore in the company. The company is making an attempt to release burden of debt from the government through the issue of equity. Ravinder Takker, VI CEO said that, "any payments to cutoff interest amount will be made in accordance with SEBI guidelines."

Vodafone Idea Ltd (VIL) Managing Director and CEO Ravinder Takkar told PTI that the government has presented an alternative to paying back dues via equity shares. He also said it would not want to acquire the firm, considering it wants VIL to be one among three private players to compete in the Indian telecom market. VIL has total gross debt of Rs. 1.91 lakh crore.

A reappraisal was filed by Vodafone Idea Limited (VIL) in the SC after it rejected its plea to rectify errors in calculating adjusted gross revenues (AGR). Calling it a "travesty of justice", the telecom operator said that the apex court has restricted VIL from questioning arithmetical errors which could cost them about Rs 25,000 crore. VIL also said that the company could go bankrupt leaving customers "high and dry."

Reliance Jio has become the top bidder at the 2021 4G spectrum auction by acquiring the 488.35MHz band for Rs 57,122.65 crore. Becoming the largest holder in 2300 MHz and sub-GHz spectrum, Jio increased its spectrum footprint by 55%. Similarly, Airtel and Vodafone-Idea have acquired 355.45 MHz and 11.80 MHz respectively, worth Rs 18,698.75 crore and Rs 1,993.40 crore. However, participants didn't bid for 700 MHz and 2500 MHz.