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Vodafone cuts stake in troubled Indian JV to make way for government rescue package

By Freny Patel ( February 8, 2023, 05:57 GMT | Insight) -- Vodafone has reduced its stake in Vodafone Idea to make way for the Indian government’s shareholding in the debt-ridden joint venture, in response to a bail-out push by authorities that alleviates concerns around whether the telecom industry would remain a three-player market to operate alongside state-owned Bharat Sanchar Nigam. The Indian government’s much-awaited rescue plan for converting the interest dues of the cash-strapped telecom player into equity ensures that the smallest telecom player remains in the market, preventing a duopoly.Vodafone has reduced its stake in Vodafone Idea to make way for the Indian government’s shareholding in the debt-ridden joint venture, in response to a bail-out push by authorities that alleviates concerns around whether the telecom industry would remain a three-player market to operate alongside state-owned Bharat Sanchar Nigam....

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