New Delhi: Vodafone India, the nation's second-biggest telecom firm, has put on hold a planned initial public offering (IPO) over lack of clarity on rules around spectrum and cellular permits.
"At this moment we have put that (IPO) on hold because we need first clarity about our licence extensions and the pricing of spectrum," Vodafone India managing director and chief executive officer Martin Pieters said.
The British telecom giant's India arm had planned to list locally after an IPO but it is currently focused on extension of its licences in Mumbai, Delhi and Kolkata, that are coming up for renewal in November 2014. The government has rejected Vodafone's demand for extension and asked the firm to bid for airwaves to continue services in these areas.
Meanwhile, in a Diwali bonanza to its customers, Vodafone India has slashed data rates by up to 80 per cent across the country, with effect from November 1. The rates would be applicable for all customers on 2G on a 'Pay as you Go' basis.
