Vodafone Idea Merger

The unit of India's third-largest wireless carrier will now raise around ₹3,200 crore ($359 million) through bond sales, down from ₹5,000 crore

The telecom department will review the Supreme Court's order permitting reassessment of Vodafone Idea's AGR dues for FY16-17, as the government weighs legal options and next steps

Debt-ridden telecom firm Vodafone Idea has been slapped with demand orders from various GST offices to pay over Rs 73 crore comprising tax dues with penalty and interest, a regulatory filing said on Monday. The company has received nine orders from various GST offices mostly for alleged short payment of taxes and allegedly availing excess input tax credit (ITC). The GST office in Kolkata has levied highest penalty of Rs 33.44 crore on the company along with demand of tax and interest on September 1 for "Alleged Tax short paid on outward supply, excess ITC availed", according to the filing. Noida GST office has ordered Vodafone Idea (VIL) to pay "penalty of Rs 26,89,94,489 along with demand and interest as applicable" on September 1 for alleged "excess availment of ITC and short tax paid for FY 2019-20" by the company. Patna GST office has levied a penalty of Rs 10.94 crore along with demand and interest on VIL. The company has received a penal order of Rs 4,211 from Chandigarh GST

Vodafone Idea stock outlook: Global brokerage Citi, too, has assigned a 'High Risk Neutral' rating to Vodafone Idea stock with a target of Rs 15

Debt-ridden telco Vodafone Idea shareholders have approved a proposal to raise its authorised share capital to Rs 1 lakh crore and issue equity shares on a preferential basis to promoter group firm Oriana Investments, a regulatory filing said on Thursday. According to the scrutiniser report of the extraordinary general meeting (EGM) held on May 8, all special resolutions have been approved by the majority of the shareholders, with a minuscule percentage of voters opposing them. "All the resolutions mentioned in the EGM Notice....stand passed with requisite majority," the scrutiniser report said. Vodafone Idea (VIL) has sought shareholders' nod to raise companies authorised share capital to Rs 1 lakh crore from Rs 75,000 crore, following its recent Rs 18,000 crore follow-on offering (FPO). The company had also sought shareholders' nod to issue preferential shares worth Rs 2,075 crore to promoter group firm Oriana Investments Pte- an Aditya Birla Group entity.

The FPO proceeds and the recent Rs 2,075-crore preferential issuance made to the promoter Aditya Birla group is expected to give a few more years of runway to the beleaguered telecom operator

Shares of Vodafone Idea could drop as much as 61 per cent to Rs 5, warns analysts at CLSA

Billionaire industrialist and Aditya Birla Group Chairman Kumar Mangalam Birla on Thursday underlined the group's firm commitment to the cash-strapped telco Vodafone Idea, and asserted that efforts are on to rope in external investors. On how soon such investors could be onboarded, Birla told PTI, "We are making good progress but can't put in a timeline." "We remain very committed to Vodafone Idea and like we have said in public domain, efforts are on to get outside investors," he said, while speaking at a conference here to mark the launch of the group's decorative business.

The original draft of the Bill contained a framework to waive the license fees for financially troubled companies. Had these provisions made it to the final bill, things would have been easier for VI

Last month, the Bombay High Court also issued an order in Vi's favour asking the Income Tax department to refund Rs 1,128 crore paid by the telco in taxes for AY2016-17

Telecom operator Vodafone Idea (VIL) will make significant investments to roll out 5G network and expand 4G coverage in the coming quarters, billionaire industrialist Kumar Mangalam Birla said on Friday. Birla, chairman of Aditya Birla group, which is one of the shareholders of the troubled telco VIL, was speaking at the inaugural session of India Mobile Congress. "In the coming quarters, Vodafone Idea will initiate significant investments in order to roll out 5G networks and further expand 4G coverage across the country. Moreover, the company is determined to realise the government's vision of establishing a robust supply chain in critical and emerging areas, including Open RAN (Radio Access Network)," he said. Further, Birla said this endeavour will enable innovative Indian companies to design both hardware and software for the global markets. "India's digital ecosystem stands on the brink of unprecedented growth," Birla said.

Shares of Vodafone Idea jumped nearly 10 per cent in morning trade on Friday after Aditya Birla Group Chairman Kumar Mangalam Birla returned to the board of the debt-ridden firm as an additional director in a non-executive and non-independent role. The stock of the telecom firm zoomed 9.73 per cent to Rs 6.65 on the BSE. At the NSE, it jumped 9.91 per cent to Rs 6.65. Birla had stepped down from Vodafone Idea Ltd (VIL) board in August 2021 as non-executive chairman of the company. "...the board of directors of the company...at its meeting appointed Kumar Mangalam Birla, as an additional director (Non-Executive and Non-Independent) with effect from 20 April 2023," VIL said in a regulatory filing on Thursday. VIL is reeling under a debt of Rs 2.22 lakh crore, comprising deferred spectrum payment obligations of Rs 1.39 lakh crore and adjusted gross revenue liability of Rs 69,910 crore that are due to the government. The debt from banks and financial institutions stood at Rs 13,190 c

Telecom operator Vodafone Idea has recently awarded a network gear order of around Rs 200 crore to Chinese company ZTE, three sources aware of the development said. The company has given orders for broadband network equipment in telecom circles of Gujarat, Maharashtra and Madhya Pradesh-Chhattisgarh (MP-CG), the sources told PTI. "Vodafone Idea has awarded an order of around Rs 200 crore to ZTE," one of the sources said. The matter has been brought to the notice of the National Security Council Secretariat (NSCS), which manages the Trusted Telecom Portal and provides clearance for permissible telecom gears, they added. An email query sent to Vodafone Idea elicited no response. Two sources mentioned that the order has been given for Gujarat and MP-CG circles, while one of them mentioned that the order also includes the Maharashtra circle. The Cabinet Committee on Security on December 16, 2020, approved the National Security Directive on Telecommunication Sector, which mandates ser

Vodafone Idea Ltd says the industry needs to raise mobile tariffs at regular intervals as the sector still operates at unsustainably low prices and revisions will allow it to generate returns.

BPCL, Air India, airport acquisitions to dominate headlines in New Year

Vodafone Idea is now squeezed between high debt and poor revenue realisations

Promoters unlikely to fund dues; telecom firm will have to raise funds on its own

The leadership overhaul is being seen as a test - will Vodafone Idea be able to compete in the turbulent telecom market in India?

Since launch of minimum service recharge plans firm loses 67 mn subscribers

The telecom behemoth, which started announcing its merged results since the last quarter, is expected to show some improvement in ARPU