Tag: idea

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Vodafone Idea reported a loss of Rs 50,921 crore in the second quarter due to adjusted gross revenue (AGR). Earlier, the company had a loss of Rs 4,947 crore in the second quarter of last year. This is the largest quarterly loss yet in India's corporate history.

Vodafone CEO Nick Read recently told that they soon might have to liquidate because at present they are in a critical stage. Also known as the Global telecom giant, Vodafone is finding it tough to survive in the firstly because of the Indian regulations and second because of the exorbitant rate of tax. All these have led the joint venture in India to soon go into liquidation. It is facing missive fine and a price war with other telecom companies, and all this has moved the Vodafone’s joint venture in India to zero.  On Tuesday, Nick indicated that Vodafone India’s operation might soon head towards the process of liquidation. However, this may be avoided if the government provides the company with some relief on the mobile spectrum fees and he added that excessive tax and the unsupported regulation as a reason which is forcing them to go for liquidation. He said, “If you’re not a going concern, you’re moving into a liquidation scenario can’t get any clearer than that,”.

In a major setback to Vodafone Idea, Airtel on Thursday, the Supreme Court has ordered them to pay the central government Rs 92 thousand crore. This led to a big drop in shares of telecom companies. The court has said that these companies will have to pay adjusted gross revenue (AGR). There was a long-running dispute between the Department of Telecommunications and the telecom companies regarding this issue.

Reliance Jio has announced to take money for calling, giving a big shock to its customers. Jio customers will now have to pay to talk on the phone. According to a Jio statement, Jio's customers will have to pay 6 paise per minute to call another company's network, although calling from Jio to Jio's network will be free as before.