Vodafone to invest $3 bn in Indian networks over 2 years
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.business Updated: Dec 04, 2013 23:42 IST
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.
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 %.