Vodafone India may get $5 bn from UK parent: Sources

UK based telecom giant Vodafone Plc is expected to announce a huge fund infusion to the tune of USD 5 billion in its Indian arm, reports CNBC-TV18’s Nisha poddar quoting sources. Tomorrow, Vodafone India is likely to announce the infusion in a conference tomorrow, according people privy to the development.

The news was first reported by the channel on July 28.

The funds infused would be used for debt reduction and expansion plans. With the Indian arm looking at bidding aggressively in the upcoming spectrum auctions, around USD 2 billion would be used for expansion. Around USD 3 billion would go for debt reduction. As of March, 2016, Vodafone India’s net debt stood at USD 12 million. However, Vodafone Plc declined to comment on market speculation.Watch video for more...