One of the India’s three major Telecommunication companies, Vodafone-Idea is all set to announce something big about strategic merger.
Sources say Vodafone Idea likely to announce new branding today pic.twitter.com/VjtsO4kwcs
— CNBC-TV18 (@CNBCTV18Live) September 7, 2020
This announcement will be reportedly on 11:45 AM today, it’ll be through video conferencing due to Pandemic crisis via web telecast.
Those who are interested such as stakeholders and Interested parties have been given a web portal through which they can register to see announcement live. Experts revealed that their will be a possibility of major Investment from global stakeholders who are looking forward to invest in India.
Interprises have been trying to enter India’s cut-throat competitive Telcom industry. On Sunday, September 6 Vodafone-Idea Twitter handle teased the announcement calling it a ‘Big day’. The strategic announcement is crucial at this stage as company’s already burdened with Adjusted Gross Revenue dues as well as the customers leaving the network.
Earlier according to a report, India’s biggest and single largest Telcom industry will be receiving magnanimous Investment into its business by Amazon Inc. and possibly American Telcom and media major Verizon.
According to the report, “the two global giants may invest up to $4 billion (about Rs 29,300 crore) in the currently heavy loss making Indian telco. Vodafone-Idea is reported to have already served a notice to the stock market exchanges of India, notifying them of the impending announcement today.”
According to the analysts, Vodafone-Idea can reduce the AGR dues burden only by two methods either by attracting big Investments or by selling stakes or by increasing its tariff to boost operating profits. According to reports, “the managing board of Vodafone-Idea has sanctioned sale of equity and non-convertible debentures in a bid to raise over Rs 25,000 crore on an immediate basis.
Vodafone-Idea has so far managed to pay about Rs 7,800 crore of its total dues of over Rs 58,000 crore, and as per the latest Supreme Court verdict on the AGR dues, is expected to further come up with at least Rs 7,800 crore before March 31, 2021.”