Vodafone gets USD7bn infusion from parent

23 Sep 2016

UK-based Vodafone Group has injected INR477 billion (USD7.14 billion) into its Indian division, halving the cellco’s debt and priming it for the upcoming spectrum auction, the Economic Times writes. The capital infusion will allow Vodafone India to compete with deep-pocketed newcomer Reliance Jio Infocomm (RJIL), the 4G start up of petrochemical giant Reliance Industries Ltd (RIL), for the most sought-after spectrum and enable it to continue expanding and improving its network. Commenting on the cellco’s plans, CEO Sunil Sood was quoted as saying: ‘We are judiciously deploying a portfolio of technologies – 2G, 3G, 4G and Internet of Things (IoT) – to cater to the myriad connectivity needs of our retail and enterprise customers across the country.’

In a similar development, Bharti Airtel has unveiled plans to invest between USD2.2 billion and USD2.4 billion in India and South Asia to enhance its networks.

India, Bharti Airtel, Vodafone Group, Vodafone India