India to own 35.8% in Vodafone Idea after conversion of dues
Companies, agencies, institutions, etc
Vodafone Idea
Reliance Jio
Vodafone Group’s
Aditya Birla Group’s
2017.Airtel
the Indian Supreme Court
IIFL
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Kumar Mangalam Birla’s
Bharti Airtel
Jio
Mukesh Ambani
Vi
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Indian
British
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Asia
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Locations
New Delhi
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Summary
Vodafone Idea said on Tuesday it is giving the Indian government a 35.8% stake in the company after its board approved conversion of dues and spectrum auction instalments into equity to save the third-largest telecom operator in the country from collapsing.The operator, a joint venture between the British telecoms group Vodafone and local billionaire Kumar Mangalam Birla’s conglomerate, has been attempting to avoid a collapse for several years after the arrival of Reliance Jio, which undercut the competitors with cheap data and free calls offering.Vodafone Idea, additionally, owed New Delhi dues of roughly $6.76 billion.
As said here by Manish Singh