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 :

0 0 votes
Article Rating
Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments

Latest news

Android Toll Fraud Malware Can Subscribe Users To Premium Services Without Consent

Toll fraud malware variants are reportedly targeting Android devices with API level 28 or Android 9.0 or older OS...

Intel Showcases 12th Generation Processors For Mobile Devices In India

Starting with the U and P series and moving up to the H and HX series are Intel's 12th...

Realme GT 2 Explorer Master Edition Launch Date Set For July 12

One of the earliest smartphones to include the Snapdragon 8+ Gen 1 SoC is the Realme GT 2 Explorer...

Apple Music Subscribers Can Now Get Free Beats Flex Earphones But Conditions Apply

However, Apple Music customers who are students in India are not eligible for the brand-new free Beats Flex earphones...

Latest Updates

Must read

Moto G42 has released with Snapdragon 680, 5,000mAh battery and 50MP triple cameras

In Brazil, Motorola has unveiled the Moto G42, a...

Meet the new Pixel: It’s not a phone, it’s a coronavirus test

We all want to know our individual COVID-19 status....

You might also likeRELATED
Recommended to you

0
Would love your thoughts, please comment.x
()
x