Vodafone India receives Rs. 47700 crore equity infusion
Keeping up with the testing times of the telecom sector, Vodafone India has now revealed a huge equity infusion from Vodafone Group.
Vodafone India has announced that it has received an equity infusion from Vodafone Group. The company has received an infusion of Rs. 47700 crore which is suggested to be largest ever foreign direct investment (FDI) infusion in the country. The funds are expected to be used for investments in spectrum and expansion of networks.
Speaking about the infusion, Sunil Sood, MD & CEO, Vodafone India, said, “We are judiciously deploying a portfolio of technologies- 2G, 3G, 4G and IOT – to cater to the myriad connectivity needs of our retail and enterprise customers across the country. We have successfully increased our revenue market share by 0.6% in the first quarter of current fiscal. This equity infusion of INR 47,700 crore, which we believe is the largest ever in India, will enable Vodafone India to continue its investments in spectrum and expansion of networks across various technology layers delivering the best of experience to our hundreds of million customers.”