Rules-based framework should be put in place up front for govt to exit from Vi, sell 35.8% stake to public. This should prevent future govts from treating it permanently as PSU.
Aiming to reassure investors, Vodafone Idea CEO & MD Ravinder Takkar said the govt wanted three private players in the market and promoters to run the company.
The move will result in dilution for all the existing shareholders of the company. Vodafone Group will own around 28.5% and Aditya Birla Group will have about 17.8%.
The bank loan, if it materialises, will be a lifeline for the company which hasn’t reported annual profit since Mukesh Ambani's Reliance Jio unleashed a tariff war in 2016.
The board of directors of Vodafone Idea have accepted Birla's request & Himanshu Kapania, a telecom industry veteran, has been appointed as the non-executive chairman.
According to official data, VIL had an adjusted gross revenue liability of Rs 58,254 crore out of which the company has paid Rs 7,854.37 crore and Rs 50,399.63 crore is outstanding.
A two-judge panel headed by L. Nageswara Rao Friday dismissed the petitions by Vodafone Idea and Bharti Airtel Ltd Friday, without without giving reasons.
The telecom giant had previously said it would not plow any more of its own money into the indebted, loss-making business that may become insolvent without govt help.
The telecom operator is working to identify potential investors in US & could also raise part of the funds through other methods such as an offering of equity-linked securities.
Migration in North India isn’t just due to lack of development today. It was shaped by the evolution of labour markets under Sher Shah, Mughals, and the East India Company.
December oil imports from Russia may drop nearly 50%, but Indian buyers already shifting to non-designated Russian entities and opaque trading channels to keep Russian oil flowing.
New Delhi is interested in firming up bilateral agreements for increased trade, mobility, upgrade of Su-30 MKI fighters and the increased range of BrahMos supersonic missiles.
The India-South Africa series-defining fact is the catastrophic decline of Indian red ball cricket where a visiting team can mock us with the 'grovel' word.
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