Vodafone injects $7.2bn into Indian arm

By:
Jason McGee-Abe
Published on:

Vodafone Group has invested $7.2bn (477bn rupees) into its Indian unit ahead of an upcoming spectrum auction

The Rs 47,700 crore funds was an equity infusion and will "enable Vodafone India to continue its investments in spectrum and expansion of networks across various technology layers," said Sunil Sood, managing director and chief executive of Vodafone India in a statement today.

Seven carriers have submitted their interest in participating in October 1 airwave auction. Earlier this year, Mumbai-based Crisil Research said it expects Airtel, Idea and Vodafone will spend one trillion rupees ($15 billion) between them over the next two years in spectrum and network expansion.

Vodafone Group plans to raise around £2.5 billion through the IPO of its Indian unit.

The news comes as Reliance Jio has entered the 4G telecoms market in the country and after Malaysia’s Maxis Communications merged its Indian unit Aircel with Reliance Communications. GTB