New Delhi Speculations of telecom sector giant Vodafone to consolidate business from India were spreading rapidly. It was being said that Vodafone could soon stop its functioning from here. However, let us know that today the company has given an answer about it and said that the news of its exit from the Indian market is only a rumor. She said that she will maintain investment in the Indian market and is seeking help from the government to get out of the current challenging phase.
Vodafone Group said in a statement, 'Vodafone is aware of the unfounded rumors going on in some circles of Indian media that we have decided to exit the Indian market. We would like to say that this is not true and such things are malicious. ”The company said that it is actively in touch with the government and in this challenging time the local management in India (with Idea) is managing the joint venture. Giving full support.
Explain that after a recent decision of the Supreme Court, Vodafone Idea Limited may have to pay the legislative dues of about 40 thousand crores.
Why Vodafone shutdown was raising speculation
Vodafone has been suffering losses in the business for a long time and due to heavy debt, the company may close its business. Such reports were floating in the telecom sector. Recently, Vodafone and Idea merged. At the same time, shortly before the Supreme Court has given a verdict on adjusted gross revenue (AGR) to Vodafone-Idea and according to this, the company will have to pay Rs 40,000 crore as AGR in three months. About this, on October 25, Voda-Idea told the stock exchange that the Supreme Court's decision has shown a big impact on the company. It was believed that due to this, the company is preparing to close its business from India but now the company has cleared its position.
Vodafone shares at one-year low
Recently, after the Supreme Court's decision on Vodafone to AGR, the company's stock fell to a one-year low.
Published: 31 Oct 2019 10:40 PM
. (tagsToTranslate) Vodafone (t) Vodafone India (t) India (t) Business