Vodafone Quits India? The business of Vodafone India has significantly dropped down like other telcos after Jio penetrated into the market with such offers people could hardly imagine ever! Naturally, Vodafone India has been making losses for the few past months. As a consequence, Vodafone India is going to quit the business soon– a media house claimed out of the blue.
The news spread like fire! It stirs up millions of Vodafone India customers overnight. Finally, Vodafone India speaks off. The telecom company has confirmed that the news is totally a baseless rumour and planted with an adverse mentality towards the company.
Rumours about Vodafone India
“There has been reportage in some media alleging that Vodafone Idea has approached its lenders for debt recast. We have not made any request for debt recast to any lender or asked for the reworking of payment terms. We continue to pay all our debts as and when this fall due,” the company said.
Recently a media house published that Vodafone India can quit their business and leave India at any time! Vodafone India is taking preparation for this. The company decides that it’s better to be off than doing business in a loss every month. The media house wrote alongside, Vodafone India is gradually losing its customers in a large number, and Idea is also undergoing the same.
Experts think it is all because of a verdict by the Supreme Courte of India. The Supreme Court of India, on 25 October 2019, told in its verdict that Vodafone India and Idea have to pay off ₹39,000 Cr as the license fee and the cost of spectrums. The Supreme Court of India also clarified that Vodafone India and Idea have to pay off the amount within the next three months. Thus the verdict pressurised Vodafone India and Idea immensely. As a result rumour rambles.
The Vodafone UK said in a statement, “Vodafone is aware of the unfounded and baseless rumours circulating in some of the Indian media that we have decided to exit the market. We would like to categorically state that this is not true and is malicious.”
“Engaging with Government and we are fully supportive of our local management as they continue to manage our joint venture in these challenging times,” further it added.
So, Vodafone India quits? No! Not at all.