Tuesday , February 18 2020
Home / india / Vodafone Group denies rumors of exiting India

Vodafone Group denies rumors of exiting India



NEW DELHI :
UK-based Vodafone Group on Thursday quashed rumors of its Indian operations.

Da Vodafone is aware of the unfounded and baseless rumors circulating in the Indian media. We would like to categorically state that this is not true and is malicious, "Vodafone Group said that a day after news agency IANS reported that the telecom major was planning to exit India given its mounting losses.

“Vodafone is actively engaging with the government and we are fully supported.

Vodafone Idea, the merged entity of Vodafone India and Idea Cellular, which is India’s largest operator by subscriber base, said it was not a position to comment on.

In a clarification to BSE on Thursday, Vodafone Idea said: regards Vodafone Group and, hence , can't comment on the same. "

In March 2017, Vodafone India and Idea Cellular had announced their merger following Reliance Jio Infocomm Ltd's entry in 2016.

Vodafone Idea has completed the network integration process in 11 out of 22 circles, and expects to complete the process by June 2020. The combined entity has been facing tough times, with shrinking revenue and a gross debt of 1.2 trillion as on 30 June.

Since the merger, the company has lost subscribers every month. Its active subscriber base declined from 334.1 million in the March quarter to 320 million in the June quarter. It had posted a loss of 4,873.9 crore in the June quarter, despite witnessing higher data consumption and 4G subscribers.


Source link