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

LG Ultra PC 14-Inch, 16-Inch Laptops With AMD Ryzen 5000 Series Processors Launched

The laptops of the LG Ultra PC series include anti-glare IPS panels with minimal bezels. Last week, LG introduced 14-inch...

Samsung Galaxy A23 5G With 6.6-Inch Infinity-V Display, 5,000mAh Battery Launched

Table of ContentsSamsung Galaxy A23 5G price, availability (expected)Samsung Galaxy A23 5G specifications Samsung has not yet revealed the Galaxy...

LG Ultra Tab With 10.35-Inch Display, Snapdragon 680 SoC Launched

Table of ContentsLG Ultra Tab priceLG Ultra Tab specifications The 7,040mAh battery in the LG Ultra Tab supports 25W rapid...

OnePlus 10T Glacier Mat Case With Sustainable Circulation Cooling, Bumper Case Sandstone Launched In India

Table of ContentsOnePlus 10T Glacier Mat Case, Bumper Case Sandstone, Tempered Glass price in India A tempered glass for the...

Latest Updates

Must read

How to hide Status from specific contacts in WhatsApp

This is a simple guide on how to conceal...

You might also likeRELATED
Recommended to you

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