Getting $4 Billion Investment From Amazon, Verizon to Vodafone Idea: report says.

-

Amazon and Verizon did not return emails seeking comment outside regular US business hours.Vodafone Idea’s stake-sale talks had been paused pending the court ruling, but Amazon and Verizon are now set to resume them, Mint reported, citing two people aware of the negotiations.

US wireless carrier Verizon and Amazon may invest more than $4 billion (roughly Rs. 29,354 crores) for a stake in India’s Vodafone Idea, the Mint newspaper reported on Thursday.

The struggling Indian telecom firm’s shares rose as much as 30 percent.

The news comes days after India’s top court ruled that mobile carriers must settle government dues within 10 years, giving Vodafone Idea some reprieve in a case it had said could affect its ability to continue as a going concern.

Amazon and Verizon did not respond to Reuters requests for comment outside regular US business hours.

The Tuesday ruling gives Vodafone Idea, India’s third largest telecom firm by subscribers, some respite but analysts say the loss-making company’s financial pressures persist.

Shares in Vodafone Idea hit a more than one-year high before closing up 26.77 percent amid a flurry of news about its fundraising plans.

CNBC-TV18 reported Vodafone Idea could “take stock” of a sale of its optic fibre business at a Friday board meeting scheduled to discuss fundraising plans.

Canada’s Brookfield Asset Management and private equity group KKR were contenders for the business, CNBC-TV18 said.

Vodafone Idea was planning to raise about $1.5 billion (roughly Rs. 11,030 crores) and was working with advisers as it seeks investors, Bloomberg News reported.

Vodafone Idea and KKR declined to comment, while a representative for Brookfield did not immediately respond to a request for comment.

Latest Articles On Botgadgets :

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest news

Xiaomi India Slapped With Rs. 653-Crore Notice for Alleged Tax Evasion

Chinese smartphone maker Xiaomi evaded custom duty to the tune of Rs. 653 crore in India, Finance Ministry said on Wednesday. Based...

Crypto Ban in India ‘Difficult to Implement’, Says Ashima Goyal of India’s Monetary Policy Committee: Report

A member of India's Monetary Policy Committee (MPC) has given Indian crypto investors a respite from rumours suggesting that...

CES 2022: Samsung Odyssey Ark 55-Inch Curved Monitor, Freestyle Projector Unveiled

Samsung Odyssey Ark curved monitor has been unveiled at CES 2022. This 55-inch 4K monitor is the largest of...

Huawei P50 Pocket Foldable Phone With Snapdragon 888 4G SoC, 6.9-Inch Primary Display Launched

Huawei P50 Pocket foldable phone has been launched in China. This is the first clamshell foldable phone from the...

Latest Updates

Must read

How To Get Verified On Tinder 2020

Tinder Photo Verification For most people, seeing a blue check...

Raspberry Pi Zero 2 W Launched With Broadcom BCM2710A1 SoC

Raspberry Pi Zero 2 W microcontroller has been launched...

You might also likeRELATED
Recommended to you

Log In

Forgot password?

Don't have an account? Register

Forgot password?

Enter your account data and we will send you a link to reset your password.

Your password reset link appears to be invalid or expired.

Log in

Privacy Policy

Add to Collection

No Collections

Here you'll find all collections you've created before.