Vodafone Idea May Get $4 Billion Investment From Amazon, Verizon: Report

Amazon and Verizon did not return emails seeking comment outside regular US business hours.

Advertisement
By Reuters | Updated: 3 September 2020 17:14 IST
Highlights
  • Amazon and Verizon are set to resume discussions following a SC ruling
  • SC ruling gave mobile carriers 10 years to settle government dues
  • Vodafone Idea still owes Rs. 50,000 crores in telecom dues

Vodafone Idea has paid the Indian government Rs. 7,854 crores in telecoms dues

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.

Advertisement

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.

Vodafone Idea, a joint venture between Britain's Vodafone and India's Idea, still owes Rs. 50,000 crores to the Indian government.

Advertisement

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.

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

Advertisement

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.

Advertisement

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.

© Thomson Reuters 2020


Is this the end of the Samsung Galaxy Note series as we know it? We discussed this on Orbital, our weekly technology podcast, which you can subscribe to via Apple Podcasts, Google Podcasts, or RSS, download the episode, or just hit the play button below.

Affiliate links may be automatically generated - see our ethics statement for details.
 

Get your daily dose of tech news, reviews, and insights, in under 80 characters on Gadgets 360 Turbo. Connect with fellow tech lovers on our Forum. Follow us on X, Facebook, WhatsApp, Threads and Google News for instant updates. Catch all the action on our YouTube channel.

Advertisement

Related Stories

Popular Mobile Brands
  1. iPhone 18 Pro, iPhone 18 Pro Max Demo Units Leak in New Colours
  2. Motorola Edge 70 Max Review: Snapdragon 8 Gen 5 Without the Flagship Price
  3. OnePlus 16 Key Specifications Leaked Online 
  1. iPhone 18 Pro Dark Cherry, Blue Colours Allegedly Leak in New Video Ahead of September 9 Event
  2. Xiaomi 18 Fold Launched With 7.58-Inch Main Display, 200-Megapixel Leica-Backed Camera: Price, Features
  3. Rocket Loses $287,000 in Attack Targeting Dormant Perpetual Market
  4. WhatsApp May Launch a Guest Calls Feature, Allowing People Without an Account to Join Calls
  5. Sony and Guerrilla Games Reportedly Working on a New Killzone Project
  6. Ai+ Nova 2 Power Confirmed to Launch in India Soon; Teased to Feature 7,000mAh Battery, MediaTek Dimensity 7100 SoC
  7. Ripple’s Swell 2026 to Feature Former RBI Governor Raghuram Rajan at Institutional Summit
  8. iQOO 16 Tipped to Launch in September With Snapdragon 8 Elite Gen 6 Chip
  9. iQOO Pad Ultra Tipped to Launch With 8.8-Inch OLED Display, Snapdragon 8 Elite Gen 6 SoC, and More
  10. OnePlus 16 Tipped to Feature 9,000mAh Battery and 185Hz Display
Download Our Apps
Available in Hindi
© Copyright Red Pixels Ventures Limited 2026. All rights reserved.