Companies

No investment proposals from Verizon, Amazon: Vodafone Idea

Our Bureau Mumbai | Updated on September 04, 2020 Published on September 04, 2020

VIL to hold board meeting to evaluate proposals for fund-raising

Vodafone Idea (VIL) said late on Thursday that there were no investment proposals from US wireless carrier Verizon Communications or e-commerce major Amazon that is being considered by its board.

“Currently, there is no proposal as reported by the media that is being considered at the board,” the company said in a regulatory filing.

VIL was responding to reports in a section of the media that Verizon and Amazon were in talks to invest $4 billion in the company.

Separately, VIL will hold a board meeting today to consider and evaluate all proposals for fund-raising, which it needs to meet payment obligations and invest in network expansion, in one or more tranches.

The move follows the Supreme Court order permitting operators to pay Adjusted Gross Revenue (AGR) dues over a 10-year-period.

In a regulatory filing on September 1, VIL said it plans to raise funds by way of a public issue, preferential allotment, private placement, including a qualified institutional placement, or through any other modes.

According to various media reports, the Indian unit of British telecom major Vodafone Group plansto raise about $1.5 billion and is in talks with various global investors.

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Published on September 04, 2020
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