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Indian Government Orders Vodafone's Local JV To Convert Its Dues Worth $2B Into Equity

1
Anusuya Lahiri
·1 min read

  • The Indian government has ordered Vodafone Group Plc's (NASDAQ: VOD) Indian joint venture Vodafone Idea to convert all the interest it owes to the government into equity in the firm.

  • Vodafone needs to convert capital worth $2 billion into equity, TechCrunch reports.

  • Vodafone's JV with Indian billionaire Kumar Mangalam Birla's conglomerate owed the Indian government about $2 billion for spectrum and other dues.

  • In 2021, the Indian government approved a rescue package for the debt-ridden telecom firms and reserved rights to convert interest on them into equity later.

  • In 2022, Vodafone Idea's board approved a plan to give the Indian government a 36% stake in the company. The Indian government was not keen to take charge of the firm's operations during that time, the report adds.

  • India is the second-largest wireless market, ruled by Mukesh Ambani's Reliance Jio and Sunil Mittal's Bharti Airtel.

  • Vodafone Idea spent the least among the top three in the government's auction of the 5G spectrum in 2022.

  • Price Action: VOD shares traded lower by 4.61% at $11.08 on the last check Friday.

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This article Indian Government Orders Vodafone's Local JV To Convert Its Dues Worth $2B Into Equity originally appeared on Benzinga.com

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© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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