Vodafone Group has maintained its position that it will not invest new capital in Vodafone Idea.
“Our position has not changed.
Vodafone Group does not intend to put any new capital into Vodafone Idea, ”the UK-based telecommunications group said in an emailed statement to ET.
This follows the announcement by the Indian telecommunications company to raise funds of up to Rs 25,000 crore through a combination of debt and equity instruments in one or more tranches, to be used to pay legal fees and invest in network operations to take rivals.
However, the Vodafone Group is expected to inflict around Rs 6.6 billion under the previously agreed merger terms. The British telecommunications company has already invested more than Rs 1.8 billion under this deal, out of a total corpus of Rs 8.4 billion.
The telco needs funds to pay its adjusted gross income (AGR) of Rs 50.4 billion to the government. You can also expect income tax refunds, around Rs 1,600 crore from VIL’s sale of stake in the merged entity Indus Towers-Bharti Infratel and the sale of its data center and fiber, which is estimated to generate 1,500. and 2.1 billion dollars.
Currently, Vodafone Group has 44.39% in the telecommunications company, while Aditya Birla Group has 27.66%. The company is burdened with a debt of Rs 1.7 million lakh crore, including legal fees.
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