According to the Mint Newspaper, Thursday, Verizon and Amazon may invest more than $4 billion (roughly Rs. 29,354 crores) for a stake in India’s Vodafone Idea.
After this news of Vodafone Idea investment, their shares will rise to 30%.
The joint venture between Britain’s Vodafone and India’s Idea known as Vodafone Idea still owes Rs. 50,000 crores to the Indian government.
Vodafone Idea was concerned over their ability to continue as the Supreme Court has ordered that mobile carriers must settle government dues within 10 years but the investment by the US giants will give them some relief.
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.
CNBC-TV18 reported Vodafone Idea could “take stock” of a sale of its optic fibre business at a Friday board meeting.
Shares in Vodafone Idea, which ended 13 per cent lower after Tuesday’s court ruling, were up 8 per cent at Rs 10.70 on the NSE index by 0405 GMT.