Voda Idea wants to shut its business in India. It is a long story. When Vodafone was asked to pay a demand. They had chosen to go for litigation. Then after a long process of litigation. They ultimately won the case but lost the game.
Voda Idea wants to shut its business in India. It is a long story. When Vodafone was asked to pay a demand. They had chosen to go for litigation. Then after a long process of litigation. They ultimately won the case but lost the game. The government changed the provisions retrospectively and demand was as it is. Now another story of AGR is hitting it. A demand of Rs. 53038 crores are raised after the supreme court verdict. This will result in huge losses that the company will run out of money to operate. Although the chairman of the group Mr. Kumarmangalam Birla has requested relief from the government.
In the absence of relief, it will consider shutting down its business. Some days back Vodafone group CEO Nick read also mentioned that in lack of government support the future of Vodafone India is in doubt. There is no sense in infusing more money.