Vodafone Idea may raise over USD 2.5 billion from asset sales ahead of a January deadline to pay statutory dues. The company is said to be in talks to sell its optic fibre business to Brookfield Asset Management Inc and its datacentre to the Edelweiss Group.
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Airtel and Vodafone Idea have brought back unlimited voice calling to other networks.
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Vodafone-Idea may shut down soon. It is not a speculation. Vodafone Idea Limited Chairman Kumar Mangalam Birla has himself admitted to the plunging fortunes of the company. Birla on Friday said Vodafone Idea Ltd would shut down if the government does not provide relief on the liability it faces in past statutory dues following a Supreme Court order.
Vodafone Idea's shares fell over 5 percent on Friday, spooked by its Chairman Kumar Mangalam Birla's statement that the telecom operator "will have to shut shop" if the government does not provide any relief.
Vodafone Idea shares crashed about 9 per cent on Friday, spooked by company's chairman Kumar Mangalam Birla statement that the teleco "will have to shut shop" in the absence of government relief. Its stock was trading 8.89 per cent lower at Rs 6.66 apiece on the BSE.
While Vodafone Idea shares dived 9.50 per cent to end at Rs 7.05 apiece on the BSE. Intra-day, the stock plummeted 13.73 per cent to hit a low of Rs 6.72.
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Shares of Vodafone Idea were trading at Rs 8.38, up 22.69 per cent, on the BSE. The stock rose 22.63 per cent to Rs 8.40 on the NSE.
After private-sector players like Bharti Airtel, Vodafone Idea and Reliance Jio announced their plans to raise tariffs, mobile calls and internet charges will go up to 50 percent in the country from December 3.
The telecom operators like Reliance Jio, Vodafone-Idea, Airtel and BSNL are all set to hike mobile call, internet charges for over 60 crore mobile subscribers in India. The mobile tariffs are likely to go up from December 1, while Vodafone is to hike charges from December 3, 2019 for monthly prepaid and postpaid customers. Recently, the telecom companies made the announcement that has left thousands of subscribers jittery.
Telecom operator Vodafone Idea on Sunday announced a hike in mobile calls and data charges from December 3. The company has announced new plans for prepaid product and services with 2 days, 28 days, 84 days, 365 days validity. A rough calculation showed that the new plans are costlier up to 42% compared to earlier plans.
The Committee of Secretaries was last month constituted to examine "all aspects" of "financial stress" faced by service providers such as Bharti Airtel and Vodafone-Idea Ltd and suggest measures to mitigate them.
Despite a relief by the government in the form of a two-year moratorium on spectrum-related dues which is tantamount to Rs 42,000 crore financial support to the stressed sector, Crisil on Friday (after market hours), downgraded Vodafone Idea's rating on Non-Convertible Debentures of Rs 3,500 crore.
The country's two top telecom operators - Vodafone Idea and Airtel - on Friday filed review petitions in the Supreme Court against its AGR verdict, just ahead of the 30-day time period expiring Saturday since the court's order dealt a financial body blow to the already battered industry neck deep in debts and losses.
Indian telecom operators owe the government nearly Rs 1.47 lakh crore in license fee (LF) and spectrum usage charges (SUC), the communications ministry told Parliament Wednesday. According to sources, the move to defer payments for 2020-21 and 2021-22 will give Rs 42,000 crore relief to Bharti Airtel, Vodafone Idea and Reliance Jio.
To a question on penalty imposed on telecom companies, Prasad said the outstanding SUC (spectrum usage charges) dues of various telecom service providers as on October 31, 2019, added to Rs 55,054 crore.
As per the data, Bharti Airtel lost 23.8 lakh users in September to take its total user base to 32.55 crore. Similarly, Vodafone Idea lost 25.7 lakh users in the month to take its total user base to 37.24 crore.
Faced with intense competition and unprecedented statutory dues, Bharti Airtel and Vodafone Idea on Monday announced a hike in mobile phone call and data charges from December saying the increase was warranted for viability of their business.
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