As Vodafone Idea is under severe financial burden, a ray of hope comes through as the US-based giant, Google looks to invest in the company. As per an early report, Google is considering buying a stake of about 5 per cent in Vodafone Idea, a partnership between the UK telecom company and India’s Aditya Birla Group.
Earlier this month, Mukesh Ambani’s Jio also secured more than $10 Billion investment from Facebook and other US investment firms. A deal between Vodafone Idea and Google could mean that the two US giants, Facebook and Google will then become contenders in the Indian telecom market. Only of the only few competitors left in the telecom industry, Bharti Airtel is also looking to dilute its ownership to raise funds to cope up with the AGR dues.
Vodafone Idea has Rs 58,254 crore as AGR dues of which it has already paid Rs. 6,854 crores to the Department of Telecommunications (DoT) in three tranches last month, or its full principal dues as per its self-assessment.
