Advertisement

HindustanTimes Sun,13 Jul 2014

Vodafone to invest $3 bn in Indian networks over 2 years

HT Correspondent, Hindustan Times  New Delhi, December 04, 2013
First Published: 23:39 IST(4/12/2013) | Last Updated: 23:42 IST(4/12/2013)

British telecom giant Vodafone Group Plc on Wednesday said it would invest $3 billion (`19,000 crore) in Indian networks over the next two years.

Advertisement

Chief executive officer Vittorio Colao, who met finance minister P Chidambaram on Tuesday, said there was progress in India’s regulatory environment, although complete clarity is yet to emerge.

The company has invested over `54,000 crore since 2007 till end of March 2013. Vodafone India has over 155 million mobile customers.

The government is holding discussions for conciliation with Vodafone on its six-year-old, `11,200-crore tax dispute in India.

In 2012, the government had approved changes in tax laws to impose a retrospective provision for tax on some types of international mergers that include Vodafone’s 2007 acquisition of Hutchinson’s mobile assets in India.

This was seen as a fallout of Vodafone’s dispute  with the government arguing that the British firm had concluded the Hutchison deal  abroad — Cayman Islands — to evade taxes.

In October, Vodafone has indicated to government that it would invest more than $2 billion to raise its stake in Indian arm to 100 %.


Advertisement
more from Business

Doubling of tax on debt mutual funds to hit retirees

On Thursday, finance minister Arun Jaitley gave investors and the mutual fund industry a jolt by increasing the long-term capital gains tax on debt mutual funds to 20% from 10%. The definition of long-term has also been changed to 36 months for non-equity MFs from 12 months.
markets
Advertisement
Most Popular
Advertisement
Advertisement
Copyright © 2014 HT Media Limited. All Rights Reserved