Vodafone India, one of the leading total telecommunication service providers in the country announced its Half Year financial results (IFRS) for the year ended September 30, 2017
Key Financial Highlights: Vodafone India Standalone figures
Vodafone Business Services (VBS) –a Total Telecommunications Solution Provider; Powering Digital India
Stable Performance in Data Driving Growth
Driving Financial Inclusion- M-Pesa, a new currency for India
Awards and Recognitions
On 20th March, 2017 Vodafone Group Plc and Idea Cellular announced an agreement to combine their operations in India (excluding Vodafone’s 42% stake in Indus Towers) to create India’s largest telecom operator with complementary footprint and amongst highest overall spectrum holding of 1,850 MHz across multiple bands. The merger transaction is subject to approval from the relevant regulatory authorities. During the quarter, approvals were received from (a) ‘Competition Commission of India’ (CCI) and (b) SEBI & Stock Exchanges. The merger is on track and is expected to complete in calendar year 2018.
As a part of the Idea & Vodafone India merger announcement of 20th March, 2017 both the parties had announced their intention to sell their standalone tower businesses to strengthen the balance sheet of the combined entity. Yesterday, Idea and Vodafone, through a joint press release announced the companies have separately agreed to sell their respective standalone tower businesses in India to ATC Telecom Infrastructure Private Limited (“American Tower”) for an aggregate enterprise value of Rs. 78.5 billion. In the event that the completion of the sale of the standalone tower businesses precedes the completion of the proposed merger, Vodafone will receive Rs. 38.5 billion.
Sunil Sood, Managing Director and CEO, Vodafone India commented:
“Amidst continuing intense competition, we recorded a gain of 0.6ppt in RMS in Q1FY18 (YoY) and delivered a stable performance overall. We see signs of positive developments with consolidation of smaller operators. We are making good progress in securing requisite approvals for our merger with Idea Cellular and in monetizing our tower assets. We remain committed to playing our due role in enabling Digital India by fulfilling the evolving needs of increasing volumes, speed and connectivity solutions from both retail and enterprise customers.”
* Net Debt for Vodafone India standalone for H1FY18 is c. INR 618 billion
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