Nick Read said “Financially there’s been
a heavy burden through unsupportive
regulation, excessive taxes and on top of that,
we got the negative supreme court decision.”
Vodafone got into a joint venture with Aditya
Birla groups and Idea Cellularin 2018. There
after it became challenging even more. But
Vodafone company has the huge number
of customers yet. Vodafone further is not
committed to make any investments for
business in India.
If government is not coming up with positive
step, the situation will become critical says the
CEO. Vodafone currently owns 45% stake in
India. The company made a request asking
government to remove the license fees, taxes.
Also company needs at least two years of
delay in spectrum fees.
Another airwave auction of 4G and 5G
spectrum is scheduled this year. The
company is running with total debt of $14
billion and they may not be in position to
invest any more money for business in India.
It is noticed that the launch of Reliance Jio
led to loss for both the companies Vodafone
Idea and Bharti Airtel.
The committee of government is assessing
the request and yet to come with the updates
on the same. The value of it’s stake in joint
venture in India will go to zero. The CEO
Nick Read clearly mentioned Vodanfone’s
existence in India is a doubt unless the
governments grants the request.
NOVEMBER 2019 | WWW.WISHESH.NET