Vodafone Idea Navigates Stake Sale Speculations Amid Performance Updates

Vodafone Idea faces speculations about the government offloading its stake to sovereign funds. CEO Akshaya Moondra confirms no communication from the government on this matter. Despite tariff hikes, Vodafone's performance shows improvement with narrower losses and increased 4G subscriber base. Fundraising efforts bolster 4G and 5G network expansions.

Vodafone Idea confronts speculations surrounding the potential sale of the government's stake to sovereign wealth funds. CEO Akshaya Moondra has confirmed that the company has not been contacted by the government regarding this issue, emphasizing the independent nature of the government's decision regarding its investments.

Moondra noted an increase in Vodafone users porting out to BSNL following recent tariff hikes. However, he believes such decisions may not be sustainable due to the 4G coverage offered by Vodafone. The company's recent performance indicated narrowing losses for the June quarter, aided by 4G subscriber growth.

The telecom firm has successfully raised about Rs 24,000 crore through various funding channels to support the expansion of its 4G and 5G networks. The promoters now hold a 37.2% stake, while the government's shareholding stands at 23.1% following these financial movements.

(With inputs from agencies.)