Google may take 5 percent stake in Vodafone Idea: report

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New Delhi, IANS. There seems to be a big deal happening in the Indian telecom sector. Technology sector giant Google is set to buy a 5 percent stake in troubled telecom company Vodafone Idea. On the one hand, while Google will be able to compete with its rival Facebook, which recently bought a stake in Reliance’s Jio platforms, Vodafone, which is struggling in the world’s fastest growing telecom market, will also be able to step back. Facebook has recently signed a deal to buy 9.99% stake in Jio Platforms for Rs 43,574 crore.



The Financial Times has reported that Google is currently exploring investment opportunities in Vodafone’s Indian business. Vodafone Idea is a joint company of British telecom company Vodafone and Aditya Birla Group of India. It is facing severe financial crisis these days. The deal with Google is still at a very early stage. The report says that Google’s parent company Alphabet had also tried to buy a stake in Jio Platforms, but the company had lagged behind Facebook in this matter. A stake in Vodafone Idea will also open other avenues for the company to invest in India. At present, Google or Vodafone Idea have not made any comment in this regard.



Prabhu Ram, head of Industry Intelligence Group, CMR, said that India is a fast growing mobile market. The country is undergoing a digital transformation. Also, this deal will also make it possible for Vodafone Idea to compete with Jio. Vodafone Idea is currently facing a major financial crisis.



According to the Department of Telecommunications, the company owes more than Rs 53,000 crore towards adjusted gross revenue (AGR). At the same time, according to its calculations, the company has said that Rs 21,533 crore is owed to the AGR item. According to the Department of Telecommunications, various telecom companies in the country owe a total of Rs 1.47 lakh crore in AGR head. Taking the calculation of the department as correct, the Supreme Court has ordered the companies to repay the dues accordingly.

Also Read: Merck to buy Austrian vaccine maker Themis Bioscience as it jumps into COVID-19 race

It is a matter of relief for companies that the Department of Telecommunications has proposed in the Supreme Court that 20 years time should be given to the companies to repay the dues, keeping in view the side effect of the telecom companies due to such a huge liability. The Supreme Court has agreed to consider this motion.

The post Google may take 5 percent stake in Vodafone Idea: report appeared first on informalnewz.



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