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    IDEA   INE669E01016

VODAFONE IDEA LIMITED

(IDEA)
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Vodafone Idea confident of funding deal after boost from govt package

09/22/2021 | 07:55am EDT

NEW DELHI, Sept 22 (Reuters) - Vodafone Idea is confident it can reach a fundraising deal with potential investors, bolstered by a federal government package that provides much-needed relief to the debt-ridden mobile carrier, its chief executive officer said on Wednesday.

Vodafone Idea, a combination of the India unit of Britain's Vodafone Group and domestic telecoms company Idea Cellular, has a net debt of 1.91 trillion rupees ($25.86 billion), including government dues of 1.68 trillion rupees.

Prime Minister Narendra Modi's government last week approved a relief package for the country's cash-strapped telecoms sector, including a four-year moratorium on airwaves fees due to the state.

CEO of Vodafone Idea Ravinder Takkar said investors had been waiting to see whether New Delhi would ensure that at least three players exist in the telecoms sector and also wanted the funding to be used for business rather than paying government dues.

"With this package all of those fears to some extent have been put aside," Takkar said in a video interview, without specifying the names of investors the company was in talks with or a timeline for the fundraising.

Local media reported earlier this year that Vodafone Idea was in talks with investment manager Apollo Global Management to raise up to $3 billion. On Wednesday, Takkar declined to confirm the talks, saying it was "just speculation".

"With this tremendous change (govt package) our business plans will have to be updated, which means our funding requirements will also have to be updated," he said.

India's telecoms sector ran into trouble in late 2016 with the entry of tycoon billionaire Mukesh Ambani's Reliance Jio, which sparked a price war that forced some rivals out of the market and turned profits into losses.

A Supreme Court ruling in late 2019 also added to the sector's pain, saddling telecoms companies with dues of roughly $13 billion.

The government's latest measures are expected to ease some of that pain, boost the growth of telecoms firms in the world's second-biggest wireless market by number of users, and give a fresh lease of life to Vodafone Idea.

"There should be no doubt that... Vodafone Idea will exist, we will compete, we will survive, we will thrive," said Takkar. (Reporting by Sankalp Phartiyal, Editing by Louise Heavens and Jane Merriman)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
RELIANCE INDUSTRIES LTD 0.40% 2644.1 Delayed Quote.32.10%
VODAFONE GROUP PLC -1.00% 111.02 Delayed Quote.-8.32%
VODAFONE IDEA LIMITED 0.49% 10.4 Delayed Quote.-3.29%
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09/22Vodafone Idea confident of funding deal after boost from govt package
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Analyst Recommendations on VODAFONE IDEA LIMITED
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Financials
Sales 2022 413 B 5 519 M 5 519 M
Net income 2022 -263 384 M -3 519 M -3 519 M
Net Debt 2022 1 933 B 25 833 M 25 833 M
P/E ratio 2022 -1,16x
Yield 2022 -
Capitalization 296 B 3 954 M 3 955 M
EV / Sales 2022 5,40x
EV / Sales 2023 4,96x
Nbr of Employees 9 173
Free-Float 27,3%
Chart VODAFONE IDEA LIMITED
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Vodafone Idea Limited Technical Analysis Chart | IDEA | INE669E01016 | MarketScreener
Technical analysis trends VODAFONE IDEA LIMITED
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TrendsBullishBullishNeutral
Income Statement Evolution
Consensus
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Buy
Mean consensus UNDERPERFORM
Number of Analysts 17
Last Close Price 10,30 INR
Average target price 7,08 INR
Spread / Average Target -31,3%
EPS Revisions
Managers and Directors
Ravinder Takkar Chief Executive Officer, Director & MD
Akshaya Moondra Chief Financial Officer
Himanshu Kapania Non-Executive Chairman
Jagbir Singh Chief Technology Officer
Ambrish Pandey Jain Chief Operating Officer
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