 "Reliance Jio, telecom, towers, mobile towers")
Even after brutal consolidation, two of the three survivors in the telecom services industry look to be in trouble. Vodafone-Idea and Airtel are reeling from massive losses and raising huge sums to shore up balance-sheets.
The sector contributes 6.5 per cent of the Gross Domestic Product (GDP) and employs 4 million, directly and indirectly, even after huge job losses. It has absorbed about Rs 10 trillion of investments, including close to Rs 4 trillion on spectrum payments. The industry has over Rs 4.5 trillion in debt, and about Rs 2.5 trillion in annual revenues. That debt: revenue ratio is unsettling.
The 2019
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