A rescue plan was crucial for Vodafone Idea, a joint venture between the local unit of Vodafone Group Plc and billionaire Kumar Mangalam Birla, and India’s No. 2 carrier Bharti Airtel Ltd. Both saw their financial health deteriorate after billionaire Mukesh Ambani’s Reliance Jio Infocomm Ltd. sparked a brutal price war in 2016, and quickly clinched market share to become the top player. Many private phone operators exited the market, merged with rivals, or filed for bankruptcy after Jio lured away subscribers with cheap data and free calls.
Vodafone Idea Sees Fund Raising Success After Telecom Relief – BloombergQuint
More from NewsMore posts in News »
- €500 million in private sector investments headed for Ukraine
- RBI asks banks to share information on exposure to Adani Group companies – Business Standard
- NSE puts some Adani firms under watch: What is additional surveillance mechanism (ASM)? – The Indian Express
- Hindenburg bet against India’s Adani puzzles rival U.S. short sellers – Reuters India
- Gautam Adani fails to calm investors as market wipeout hits $100 billion – CNN