Vodafone CEO says will continue in India, comments distorted
Vodafone Group CEO Nick Read on Wednesday took U-turn blaming media wrong;y quoted his remarks around telecom business in India and said will remain invested in the country. Read on Tuesday complained that Indian operations are on liquidation risk over high mobile spectrum dues and fee demand. Nick Read wrote to Prime Minister Narendra Modi promising the company's commitment to the market.
“The coverage in India has been distorted and I apologise for the impression that the coverage conveys. It doesn’t accurately represent my comments,” Read said in a letter to the Prime Minister, telecom minister Ravi Shankar Prasad and senior government officials.
Read's statement comes after government on Wednesday expressed displeasure over business uncertainty remark made by Vodafone Group in India.
"The government has expressed displeasure and disapproves Vodafone CEO Nick Read statement around telecom sector in India," a senior telecom ministry source told reporters.
According to the report, Read has told the government that the media has misrepresented his statement and re-affirmed the company’s commitment to the market.
“I wish to put on record that this does not accurately reflect my comments to the media. Furthermore, we did not speak to any Indian media yesterday, neither did any of my team,” Read said claiming “some of the coverage has been distorted.”
“We remain invested in India growth story and it continues to remain a key market for us,” he added.
Earlier, Vodafone said the remaining carrying value has been reduced to nil. "As the Group has no obligation to fund VIL losses, the Group has recognised its share of estimated Vodafone Idea Limited ('VIL') losses arising from both its operating activities and those in relation to the AGR judgement to an amount that is limited to the remaining carrying value of VIL, which is therefore reduced to nil," Vodafone said.
The company has recognized the losses and the carrying value is reduced to nil.
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