Vodafone May Exit India Because of Mounting Losses: Report

British telecom giant, Vodafone, is reportedly looking to exit the Indian market amidst mounting losses and an eroding subscriber base. The final harbinger for the visitor is believed to exist the recent Supreme Court verdict that adamant the firm owes the Indian authorities more than Rs. 28,000 crore in outstanding taxes, penalties and interest.

In a press release following the aforementioned judgement, Vodafone Idea said it might ask the government for a waiver on the interest and penalties, because information technology might otherwise have serious financial implications for the visitor. According to the carrier: "The company is studying the judgement and we will evaluate our next steps … We will engage with the DoT in order for it to consider granting relief, including a waiver on interest and penalties".

The carrier, however, denied recent media reports that it had approached its lenders for debt recast. In a argument released Wednesday, Vodafone Idea said: "At that place has been reportage in some media alleging that Vodafone Idea has approached its lenders for debt recast. We categorically deny and dismiss this as groundless and factually wrong. We have not made any request for debt recast to any lender or asked for reworking of payment terms. We go on to pay all our debts as and when these fall due".

Meanwhile, the Telecom Regulatory Potency of India (TRAI) is said to be working on a number of initiatives to bring relief to the telecom industry amidst persistent complaints from operators about spiraling costs and falling revenues. According to recent reports, the regulator is probable to fix a flooring tariff for data and phonation calls to help mitigate some of the challenges facing the industry.

Source: https://beebom.com/vodafone-india-exit-mounting-losses/

Posted by: williamstheive.blogspot.com

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