Vodafone: Vodafone Idea wants to sell fixed-line broadband subsidiary and land meant for data centers
Jul 05, 2021 | Posted by Eric Bell
Vodafone Idea, an Indian telecom operator, wants to sell its optic fiber unit, fixed-line broadband subsidiary, and data center business to settle its debts. According to the Company’s latest financial books, Vodafone Idea has a gross debt of Rs 1,803.1 billion ($2.4 billion). It is looking to raise Rs 74,000 crore ($1 billion) from the sale of these assets to meet its liabilities and Rs22,500 crore ($308 million) for repaying debts and adjusted gross revenue payments and spectrum dues.
According to TotalTelecoms, even though Vodafone Idea wants between $800 million and $1 billion from the sale of assets, investors are unwilling to shell out that much for the assets. CFO of Vodafone Idea, Akshaya Moondra, said the Company also wants to raise Rs 3,000 crore ($403 million) in cash from tax refunds and the sale of land bought for data centers. Vodafone runs a data center in Navi Mumbai and up to 160,000 km of fiber optics.