Vodafone -Idea board to meet on Sept 4 for fund raise

Описание: Vodafone - Idea will be looking for fundraising on 4th September. The Supreme Court allowed telecom players, including Vodafone Idea, a 10-year timeline to pay adjusted gross revenue (AGR) dues of Rs 53,000 crore ($7.5 billion)

The loss-making operator has started a restructuring drive to help save Rs 4,000 crore on an annualised basis over the next 18 months. The steps include cutting IT costs, centralising decision making, lowering distribution costs by pushing digital recharges and automating functions.

The company reported a record loss of Rs 50,921 crore for the September quarter, as it made a provision for the payment of statutory dues.

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