The company has been planning IPO of its Indian arm since a very long time
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New Delhi: The British telecom major Vodafone is reportedly planning to launch an IPO of its Indian arm to raise about $4 billion next fiscal. The company has appointed NM Rothschild as its consultant to work on roadmap and the paperwork for the public offering will be completed by the end of ongoing financial year, as per reports.
When contacted, Vodafone spokesperson declined to comment. The company has been planning IPO of its Indian arm since a very long time. Vodafone acquired 100 per cent stake in the Indian venture by buying out entire stake from its local partners for Rs 10,141 crore in 2013.
Vodafone India former MD and CEO Marten Pieters had said that the company will proceed with its IPO plan provided that its tax issue is resolved. Vodafone is entangled in a legal dispute with the Indian government in about Rs 20,000-crore tax dispute. Vodafone in January said that it has invested more than £12.8 billion (about Rs 1,29,745) in India since 2007 and in 2013 it made commitment to invest about Rs 4,000-6,000 crore annually.
In addition to this, the company acquired spectrum for about Rs 25,959.74 crore in March and the company has plans to expand its 3G service on its own network from 9 circles to 16 circles.
( Source : PTI )
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