‘I am Sorry to Say…’: What Sunil Mittal Said on Vodafone Idea’s Future
Mittal said the telecom firm would require close $9 billion in capital infusion to stay in the game but “sadly, has not been the case for the last two or three years…”
Cash-strapped Vodafone Idea needs an investor with patience, said Bharti Enterprises’ Chairperson Sunil Mittal at the World Economic Forum in Davos.
Mittal said the telecom firm would require close $9 billion in capital infusion to stay in the game but “sadly, has not been the case for the last two or three years…”
Vodafone Idea failed to get funding from US’ International Development Finance Corporation (DFC) for the deployment of OpenRAN and related technologies for the 5G network. The DFC is the US government’s development finance institution that invests in multiple sectors.
The telco reportedly is in talks with DFC for funding Open-RAN and related technologies. Centre is the biggest shareholder in Vodafone Idea, with a 33.1 percent stake.
Mittal said while the operator had Centre’s support, it was ” falling behind…I am sorry to say, they don’t exist anymore.” Mitall was quoted in an ET interview when asked on the firm’s status.
Mittal said three private and one public sector player is an ideal ground for India, adding that BSNL now is making some significant space in the sector.
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