{"id":125342,"date":"2020-11-20T11:45:05","date_gmt":"2020-11-20T11:45:05","guid":{"rendered":"https:\/\/www.mobileworldlive.com\/?p=302609"},"modified":"2020-11-20T11:45:05","modified_gmt":"2020-11-20T11:45:05","slug":"vodafone-idea-exits-as-india-tower-merger-closes","status":"publish","type":"post","link":"https:\/\/itteacheritfreelance.hk\/wordpress\/index.php\/2020\/11\/20\/vodafone-idea-exits-as-india-tower-merger-closes\/","title":{"rendered":"Vodafone Idea exits as India tower merger closes"},"content":{"rendered":"

<\/p>\n

\tVodafone Idea cashed out of Indus Towers as the infrastructure unit completed a long-awaited merger with Bharti Infratel, though Bloomberg reported the move did less to ease the cash-strapped operator\u2019s burden than headline figures suggest.<\/p>\n

Bharti-Infratel informed India\u2019s stock exchange of the completion of the deal late yesterday (19 November), explaining Vodafone Idea had sold its 11.15 per cent holding in Indus Towers for a cash payment of INR37.6 billion ($507.2 million).<\/p>\n

Bloomberg noted INR24 billion of the total would be deducted to clear a debt owed to Indus Towers.<\/p>\n

The merger leaves Bharti Infratel with a 36.7 per cent stake in Indus Towers; Vodafone Group 28.1 per cent; and investment companies including KKR and Providence Equity Partners holding the remainder.<\/p>\n

Closure of the deal draws a curtain on a process spanning more than two years: original moves to combine the infrastructure businesses made in April 2018 hit problems as shareholders argued [1] over pricing.<\/p>\n

Despite the sum owed to Indus Towers, the sale provides much-needed cash to Vodafone Idea as it tackles a tax demand for INR530 billion in adjusted gross revenue.<\/p>\n

Earlier this year the operator\u2019s board proposed schemes to raise up to INR250 billion [2] to boost its finances. It also made progress in its fiscal Q2 (calendar Q3), with a cost-cutting programme and higher ARPU contributing to a reduction in its net loss [3].<\/p>\n

[1] https:\/\/www.mobileworldlive.com\/asia\/asia-news\/shareholder-spat-casts-doubt-on-indus-infratel-merger
\n[2] https:\/\/www.mobileworldlive.com\/featured-content\/home-banner\/vodafone-idea-rebrands-moves-to-raise-funds
\n[3] https:\/\/www.mobileworldlive.com\/asia\/asia-news\/vodafone-idea-narrows-losses-as-arpu-climbs<\/p>\n\n

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Vodafone Idea cashed out of Indus Towers as the infrastructure unit completed a long-awaited merger …<\/p>\n

The post Vodafone Idea exits as India tower merger closes<\/a> appeared first on Mobile World Live<\/a>.<\/p>\n<\/div>","protected":false},"author":474,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"slim_seo":{"title":"Vodafone Idea exits as India tower merger closes - ITTeacherITFreelance.hk","description":"Vodafone Idea cashed out of Indus Towers as the infrastructure unit completed a long-awaited merger ... The post Vodafone Idea exits as India tower merger close"},"footnotes":""},"categories":[11,8],"tags":[6428],"_links":{"self":[{"href":"https:\/\/itteacheritfreelance.hk\/wordpress\/index.php\/wp-json\/wp\/v2\/posts\/125342"}],"collection":[{"href":"https:\/\/itteacheritfreelance.hk\/wordpress\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itteacheritfreelance.hk\/wordpress\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itteacheritfreelance.hk\/wordpress\/index.php\/wp-json\/wp\/v2\/users\/474"}],"replies":[{"embeddable":true,"href":"https:\/\/itteacheritfreelance.hk\/wordpress\/index.php\/wp-json\/wp\/v2\/comments?post=125342"}],"version-history":[{"count":1,"href":"https:\/\/itteacheritfreelance.hk\/wordpress\/index.php\/wp-json\/wp\/v2\/posts\/125342\/revisions"}],"predecessor-version":[{"id":125343,"href":"https:\/\/itteacheritfreelance.hk\/wordpress\/index.php\/wp-json\/wp\/v2\/posts\/125342\/revisions\/125343"}],"wp:attachment":[{"href":"https:\/\/itteacheritfreelance.hk\/wordpress\/index.php\/wp-json\/wp\/v2\/media?parent=125342"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itteacheritfreelance.hk\/wordpress\/index.php\/wp-json\/wp\/v2\/categories?post=125342"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itteacheritfreelance.hk\/wordpress\/index.php\/wp-json\/wp\/v2\/tags?post=125342"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}