New Delhi: The British media is calling Vodafone’s ultimatum not to pump in more capital in India, a “potentially disastrous but fitting end to Vodafone’s big bet on India” where the destruction of value has been complete.
Global telecom player, Vodafone has told Indian authorities that it will not provide more capital for its India business unless there are provisions allowing it to compete with Mukesh Ambani’s Reliance Jio.
According to British media reports, Nick Read, Vodafone’s CEO has for all practical purposes issued an ultimatum to the Indian government.
Vodafone is scheduled to give its half-year report on Tuesday. Reports say that Read has communicated to the Modi government that it will not provide any more capital in India.