India : Vodafone gets $7.15 billion equity infusion from parent
MUMBAI : Vodafone India has received an equity infusion of 477 billion rupees ($ 7.15 billion) from Vodafone Group Plc in the first half of the current fiscal year ending in March, it said in a statement on Thursday.
The foreign direct investment will enable Vodafone India to continue its investments in spectrum and expansion of networks across various technology layers, the statement quoted Sunil Sood, Managing Director and CEO of Vodafone India as saying.
The infusion comes just as India’s Reliance Industries unveiled its Jio telecom network this month, touting free calls and rock-bottom data prices in a marked escalation of competition in the country’s wireless sector.
India is also set to begin an airwave auction from Oct. 1 and operators including Vodafone are expected to bid aggressively to maintain competitiveness.
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