Tuesday, November 13, 2018

Vodafone lost Rs 63 thousand crore from merger in India

Vodafone lost Rs 63 thousand crore from merger in India

British telecom company Vodafone recorded a deficit of 7.8 billion euros (Rs 63,200 crore) in the first half of 2018. This loss resulted in the loss of 3.4 billion euros in the salvage of its Indian company Vodafone India and the cost of investing in Spain and Romania.
In the same period of 2017, the company had registered a profit of 1.2 billion euros. In a statement, the company said that the investment in Spain, Romania and Vodafone Idea in India has decreased by 3.5 billion euros. Vodafone Idea's Aditya Birla Group's telecommunications company Idea Cellular has merged.
The merger was completed in August. After the merger, Vodafone's stake in Vodafone Idea is 45.2 per cent, while Aditya Birla Group holds 26 per cent stake. During the peak period, the total income of the Vodafone group declined by 5.5 percent to 2.17 billion euros, from 2.3 billion euros a year ago.
Vodafone said that market conditions in India have become extremely challenging and there is tremendous pressure on pricing. Due to this merger between companies in this industry

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