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Vodafone Idea Sees Fund Raising Success After Telecom Relief – BloombergQuint

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.