Not leaving India market, says Voda
Amid concerns around how Vodafone Idea will cope with the Supreme Court ruling on adjusted gross revenue (AGR) payments, the company and it's Uk-based joint venture partner Vodafone Group issued separate statements to assuage investor concerns.
“Vodafone is aware of the unfounded and baseless rumours circulating in some of the Indian media that we have decided to exit the (India) market. We would like to categorically state that this is not true and is malicious," Vodafone Group said in a statement.
Vodafone said it was actively engaging with the government and they are fully supportive of their local management as they continue to manage the joint venture (with Aditya Birla Group) in these challenging times. In a statement to the exchanges, Vodafone Idea said: "As regards to the exit of India operations by Vodafone Group is concerned, we wish to inform you that the company (Vodafone Idea) is not aware about anything on the subject as it pertains to Vodafone Group and, hence, cannot comment on the same."
The group has struggled to keep it's losses in check over the past year with Vodafone Idea only adding to the burden since the merger. Vodafone Idea had issued a statement on Wednesday to deny reports that it had approached lenders for a debt recast. Rating agency CARE has downgraded its rating on Vodafone Idea's longterm loans and debentures from ‘A’ to ‘A-’ and also paced the rating under watch with negative implications.