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Voda India gets Rs 47,700crore equity infusion from parent
MUMBAI: Vodafone India said on Thursday it had received an equity infusion of Rs 47,700 crore from its parent Vodafone Plc.
MUMBAI: Vodafone India said on Thursday it had received an equity infusion of Rs 47,700 crore from its parent Vodafone Plc.
This “will enable Vodafone India to continue its investments in spectrum and expansion of networks across various technology layers delivering the best of experience to customers, ” the firm said in an emailed statement.
“We’ve brought-in the largest FDI infusion ever... Rs 47,700 crore of equity infusion in the country and this will help bolster Vodafone India’s business,” MD and CEO Sunil Sood said.
The debt of Vodafone India, which is preparing for an initial public offering (IPO), stands at Rs 29,000 crore.
The company has submitted earnest money deposit (EMD) of ₹2,740 crore for the spectrum auction that starts on October 1.
Rivals Bharti Airtel, and Idea Cellular, and new entrant Reliance Jio will participate in the auction, in which the Centre is offering 2,354.55 megahertz (MHz) of spectrum worth Rs5.63 lakh crore at the reserve price.
With a subscriber base of 200 million, Vodafone is the second largest mobile operator in India.
Till now, Vodafone has invested a total of Rs1.15 lakh crore in the country since 2007.
Declining to give any timeline on the IPO, Sood said the company continues to work on it.
“It (fund infusion) shows that they (Vodafone) would be investing in the 4G LTE network, and wherever they don’t have LTE spectrum they will buy that,” said Jigar Shah, CEO at Maybank Kim Eng Securities India.
