Amazon, Verizon may invest over $4 billion in Vodafone Idea: Report

Heavily indebted Vodafone Idea - a joint venture between Britain's Vodafone Group Plc and India's Idea Cellular - had previously said its ability to continue as a going concern rested on a positive outcome of the hearing.

By:REUTERS
| Updated on: Aug 20 2022, 22:52 IST
Vodafone Idea's stake-sale talks had been paused pending the outcome of a court hearing in India
Vodafone Idea's stake-sale talks had been paused pending the outcome of a court hearing in India (REUTERS)

U.S. wireless carrier Verizon Communications Inc and Amazon.com Inc may invest more than $4 billion for a stake in India's Vodafone Idea Ltd, the Mint newspaper reported on Thursday, sending shares in the struggling Indian telecom firm up 10%.

Vodafone Idea's stake-sale talks had been paused pending the outcome of a court hearing in India, which created uncertainty and could have threatened Vodafone Idea's survival, Mint reported, citing two unnamed people aware of the negotiations.

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But Amazon and Verizon are set to resume discussions following a Supreme Court ruling on Tuesday which gave mobile carriers 10 years to settle government dues.

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Vodafone Idea did not immediately respond to Reuters request for comment. Amazon and Verizon did not return emails seeking comment outside regular U.S. business hours.

ALSO READ: Vodafone Idea lays off 1,500 employees to cut costs

It has paid the Indian government 78.5 billion rupees ($1.1 billion) in telecoms dues, according to regulatory filings, but still owes roughly 500 billion rupees ($6.8 billion) more.

Shares in Vodafone Idea, which ended 13% lower after Tuesday's court ruling, were up 8% at 10.70 rupees on the NSE index by 0405 GMT.

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First Published Date: 03 Sep, 12:33 IST
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