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<ul><li><keyword id="1553175" type="General" weightage="100" keywordseo="vodafone-idea" source="Orion">Vodafone Idea</keyword>’s board of directors is scheduled to meet on October 21 to consider raising funds. </li><li>The meeting comes at a crucial time, when <keyword id="6375231" type="General" weightage="50" keywordseo="indus-towers" source="Orion">Indus Towers</keyword>, one of the main tower providers of Vodafone Idea, has demanded the telco pay up its dues. </li><li>Shares of the telco gained after the fundraising announcement. </li></ul>Vodafone Idea’s board of directors will meet on October 21 to consider fundraising via convertible debentures, the telco said in an exchange filing, without divulging details about the quantum of the fund raise. "We wish to inform you that a meeting of the board of directors of the company is scheduled to be held on October 21, 2022, inter-alia, to consider and evaluate a proposal for issuance of debenture securities convertible into equity shares on a preferential/private placement basis to a vendor," Vodafone Idea said in its exchange filing. Convertible debenture is a long-term debt that can be converted into equity shares after a specified period. Vodafone Idea’s latest attempt to raise funds is for investing in its network and also to pay its dues to its service providers, including Indus Towers – a tower company in which rival telco Bharti <keyword id="15491" type="General" weightage="50" keywordseo="airtel" source="Orion">Airtel</keyword> holds a 47.76% stake. Notably, Vodafone Idea’s parent company, <keyword id="105732" type="General" weightage="50" keywordseo="vodafone-group-plc" source="Orion">Vodafone Group Plc</keyword>, also holds a 21.05% stake in Indus Towers. Vodafone Idea<a href="https://economictimes.indiatimes.com/industry/telecom/clear-dues-or-lose-tower-access-indus-towers-to-vodafone-idea/articleshow/94492219.cms"> reportedly</a> owes over ₹7,000 crore to Indus Towers. The tower company has asked the telco to clear dues or risk losing access to towers from November. Reacting to the news, Vodafone Idea’s shares rose 1% to ₹8.55. This is, however, still below the ₹10 level that the government is reportedly waiting for before converting its debt to equity, as part of the <a href="https://www.businessinsider.in/business/telecom/news/telecom-relief-package-airtel-vodafone-idea-get-four-year-moratorium-on-agr-dues/articleshow/86227218.cms">telecom relief package announced in 2021</a>. The package gave telcos an option to go for a four-year moratorium on their adjusted gross revenue (AGR) and spectrum dues, among other things. <cmsannotation type="cmsannotation" annotationid="The tide that won’t stem" comment="subhead" text="The tide that won’t stem">The tide that won’t stem</cmsannotation> In 2022 so far, Vodafone Idea has lost over 12 million subscribers, according to data from telecom regulator TRAI. Its rivals <keyword id="6354504" type="General" weightage="50" keywordseo="reliance-jio" source="Orion">Reliance Jio</keyword> and Airtel continue to add subscribers at a rapid pace. <div type="image" title="Airtel Reliance Jio Vodafone Idea subscriber additions Jan-Aug 2022." msid="94963881" hostid="261" sizebytes="23682" caption="&amp;lt;p&amp;gt;Telecom subscriber trends in 2022 so far&amp;lt;/p&amp;gt;"></div> While the telecom sector is<a href="https://www.businessinsider.in/business/telecom/news/telecom-sector-to-ring-in-stability-in-q2-jio-and-airtel-expected-to-grow-stronger-vi-weaker/articleshow/94709309.cms"> expected</a> to ring in stability in Q2, analysts suggest Vodafone Idea will continue to grow weaker. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/maggi-maker-nestl-indias-net-profit-grows-8-3-to-668-crore-in-q2/articleshow/94960866.cms">Maggi maker Nestlé India’s net profit grows 8.3% to ₹668 crore in Q2</a> <a href="https://www.businessinsider.in/business/corporates/news/moonlighting-is-fine-as-long-as-it-is-unrelated-to-what-we-do-for-our-clients-says-lt-tech/articleshow/94958101.cms">Moonlighting is fine as long as it is unrelated to what we do for our clients, says L&amp;T Tech</a> <a href="https://www.businessinsider.in/business/news/jaypee-and-amrapali-groups-collapse-leaving-buyers-in-the-lurch/articleshow/94961447.cms">70,000 housing units in trouble after Jaypee and Amrapali groups head into financial trouble</a>

Vodafone Idea board to meet on October 21 to consider fundraising via convertible debentures

What if Vodafone Idea dies?

<ul><li>Vodafone-Idea’s shares are up 5% after the company completed its stake sale in Indus Towers for ₹3,760 crore.</li><li>There are also reports that a consortium led by Oaktree Capital has offered around $2 billion of capital to invest in the Vodafone Group’s Indian arm. </li><li>Analysts believe that fresh investments and price hikes to improve average return per users (ARPU) are the only things that can help its survival.</li></ul>Vodafone-Idea has been bleeding subscribers for years and now even its postpaid customers are under threat of being wooed away by <keyword id="6354504" type="DEFINITION" weightage="20" keywordseo="reliance-jio">Reliance Jio</keyword>. According to analysts, the only way out for the company is with the fresh infusion of funds — and that’s what the company is doing. Vodafone-Idea shares were up nearly 5% today morning after the telecom player completed the sale of its stake in Indus Towers for ₹3,760.1 crore in cash. There are also <a href="https://www.bloombergquint.com/business/oaktree-varde-said-to-offer-2-billion-funding-to-vodafone-idea">reports</a> that a consortium backed by Oaktree Capital has offered Vodafone’s Indian arm $2 billion — approximately ₹14,800 crore — in funding. <div type="image" title="Copy of sbi share price (1)" msid="79316655" hostid="261" caption="&amp;lt;p&amp;gt;Vodafone-Idea share price since September 7 when it was rebranded as Vi!&amp;lt;/p&amp;gt;"></div> Both of these moves tie in with <keyword id="1553175" type="COMPANY" weightage="20" keywordseo="Vodafone-Idea">Vodafone Idea</keyword>’s announcement in September where it revealed its plans to raise ₹25,000 crore by selling its shares and debt. New funds and price hikes are the only way to save Vodafone-Idea As Vodafone Idea continues to lose subscribers, it's also running out of money. This limits the company’s ability to invest in networks and adds to subscribers’ woes who switch over to other telecom operators. “We believe this spiral can be broken only with significant ARPU increase and fund infusion,” said Edelweiss Research in its report dated October 30. According to Axis Capital, Vodafone Idea’s future depends on it. The new mega tower company In the endeavour to raise new funds, Vodafone Idea has sold off around 11.15% of its holding in Indus Towers to make way for a newly merged mega tower company. The Vodafone Group will still hold around 28.12% in the new firm. Meanwhile, <keyword id="6354287" type="UNKNOWN" weightage="20" keywordseo="bharti-airtel">Bharti Airtel</keyword>’s stake reduces from 53.51% in Bharti Infratel to 36.7% in the combined entity. "Merger of Indus Towers Limited &amp; Bharti Infratel Limited has been completed today. The combined entity, to be renamed as Indus Towers Limited, is listed on the National Stock Exchange of India Limited &amp; BSE Limited," said Bharti Airtel in its filing with the Indian exchanges. Oaktree, Varde Partners and others offer $2 billion in funding The Oaktree-led consortium is formed of many companies, including Varde Partners. Sources told <a href="https://www.bloombergquint.com/business/oaktree-varde-said-to-offer-2-billion-funding-to-vodafone-idea">Bloomberg</a> that they have made an offer to infuse between $2 billion to $2.5 billion of capital into Vodafone Idea. But, this is only one of the many offers that the company is currently considering. Vodafone Idea is in talks with several other investors. The company has been reporting losses for nine consecutive quarters. And, since the merger of 2017, Vodafone Idea is yet to come up green in its annual reports. Vodafone Idea is the weakest of three telecom giants in India, the other two being Bharti Airtel and Reliance Jio. And its survival is the only thing that’s standing in the way of the Indian telecom market turning into a duopoly. SEE ALSO: <a href="https://www.businessinsider.in/tech/apps/news/pubg-mobile-india-was-supposed-to-launch-today/articleshow/79315462.cms">PUBG Mobile India was rumoured to launch today — but there is no official update from the company</a> <a href="https://www.businessinsider.in/stock-market/news/top-stocks-to-watch-ril-infosys-vodafone-idea-apollo-hospitals-emami-route-mobile-syngene-and-others/articleshow/79314343.cms">Top stocks to watch — RIL, Infosys, Vodafone-Idea, Apollo Hospitals, Emami, Route Mobile, Syngene, and others</a> <a href="https://www.businessinsider.in/finance/banks/news/lakshmi-vilas-bank-is-the-fifth-financial-firm-after-ilfs-dhfl-yes-bank-and-pmc-bank-to-collapse-in-india/slidelist/79286096.cms">Lakshmi Vilas Bank is the fifth financial firm to collapse in India within the last 30 months</a>

Vodafone Idea soars nearly 5% on fund infusion from Indus Towers stake sale

Vodafone Group Plc on Monday said that its lenders have given their consent for the merger of <keyword id="6375231" type="COMPANY" weightage="20" keywordseo="indus-towers">Indus Towers</keyword> and Bharti Infratel. On September 1, Vodafone Group had announced that it had agreed to proceed with the proposed merger. "The agreement to proceed was conditional on consent for a security package for the benefit of the Combined Company (the "Security Package") from Vodafone's existing lenders (for the Euro 1.3 billion loan utilised to fund Vodafone's contribution to <keyword id="9830239" type="COMPANY" weightage="20" keywordseo="the-vodafone-idea-ltd">the Vodafone Idea Ltd</keyword> rights issue in 2019). This consent has now been received," the company said in a statement on Monday. The parties will now approach <keyword id="4195801" type="COMPANY" weightage="20" keywordseo="the-national-company-law-tribunal">the National Company Law Tribunal</keyword> to make the merger scheme effective. The parties are working to complete the transaction expeditiously, it added. SEE ALSO:<a href="https://www.businessinsider.in/international/news/harvey-j-alter-michael-houghton-and-charles-m-rice-jointly-wins-the-2020-nobel-prize-in-medicine/articleshow/78490602.cms" data-type="tilCustomLink"> Harvey J Alter, Michael Houghton, and Charles M Rice jointly win the 2020 Nobel Prize in Medicine for the discovery of Hepatitis C virus</a> <a href="https://www.businessinsider.in/defense/news/the-indian-air-force-is-ready-for-a-two-front-war-with-china-and-pakistan-says-air-chief-marshal-rks-bhadauria/articleshow/78488605.cms" data-type="tilCustomLink">The Indian Air Force is ready for a two-front war, says Air Chief Marshal RKS Bhadauria</a>

Vodafone gets lenders' nod for Indus Towers-Bharti Infratel merger

Debt-ridden telecom company <keyword id="1553175" type="General" weightage="100" keywordseo="vodafone-idea" source="Orion">Vodafone Idea</keyword>'s board will meet on Friday to finalise plans for raising funds. Vodafone Idea has informed the Bombay Stock Exchange (<keyword id="35140" type="General" weightage="50" keywordseo="bse" source="Orion">BSE</keyword>) that its board will meet on October 21 to consider a proposal to raise funds through the issuance of convertible debentures. "<keyword id="6583012" type="General" weightage="50" keywordseo="vodafone-idea-ltd" source="Orion">Vodafone Idea Ltd</keyword> has informed the BSE that the meeting of the <keyword id="136326" type="General" weightage="50" keywordseo="board-of-directors" source="Orion">Board of Directors</keyword> of the company is scheduled on October 21, to consider and approve a proposal for issuance of debenture securities convertible into equity shares on a preferential or private placement basis to a vendor, subject to regulatory and other statutory approvals as may be required, including shareholders' approval," the company said in a notice to the BSE. Vodafone Idea has been trying to raise funds for a long time but has not succeeded. It may try and raise funds through the issuance of convertible debentures through private placement to a vendor. Vodafone Idea owes an estimated Rs 6,800 crore to mobile tower giant Indus Towers and also Rs 2,400 crore to ATC. Indus Towers is said to have asked Vodafone Idea to clear its outstanding dues and pay every month on time for the continuity of business post-November 2022. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/bajaj-finance-net-profit-zooms-88-yoy-to-2781-crore-asset-quality-sees-improvement/articleshow/94990323.cms">Bajaj Finance net profit zooms 88% YoY to ₹2,781 crore, asset quality sees improvement</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/274-vehicles-are-stolen-every-day-in-india-check-out-which-cities-have-most-thefts/slidelist/94987936.cms">Did you know 274 vehicles are stolen every day? See which cities have most thefts</a>

Vodafone Idea's board to finalise fund raising plan on Friday

By Prasoon Srivastava New Delhi, Feb 21 () The Department of Telecom (DoT) on Friday approved the merger of the country's largest mobile tower company Indus Towers with Bharti Infratel, according to official sources. The combination of Bharti Infratel and Indus Towers will create a pan-India tower company with over 163,000 towers, operating across all 22 telecom service areas. The combined entity will be the largest tower company in the world outside China. "DoT has approved merger of Indus Towers with Bharti Infratel," an official source told . Bharti Infratel and Vodafone hold 42 per cent stake each in Indus. Vodafone Idea holds 11.15 per cent stake in the mobile tower firm. As per the plans, the combined company, which would fully own the respective businesses of Bharti Infratel and Indus Towers, would change its name to Indus Towers Ltd and will continue to be listed on Indian stock exchanges. The timely completion of the tower deal is critical for the companies, as it would allow Bharti and Vodafone Idea in offloading stake and raising funds. PRS ABMABM

Govt approves merger of Bharti Infratel, Indus Towers: Sources

In what would become India’s largest telecom merger, <keyword id="15492" type="CITY" weightage="20" keywordseo="Vodafone">Vodafone</keyword> India and Idea Cellular is pushing for individual tower sale at the earliest. The two telecom majors, according to Economic Times news report, have mandated Morgan Stanley and <keyword id="189016" type="CITY" weightage="20" keywordseo="Bank-of-America-Merrill-Lynch">Bank of America-Merrill Lynch</keyword> to finalize buyers for their towers. Vodafone India has 11,000 odd towers in India, while Idea has 9,900 captive towers. The merger will likely be completed by 2018. Once done, Vodafone-Idea would become the biggest telecom company in India, while the current market leader <keyword id="6354287" type="CITY" weightage="20" keywordseo="Bharti-Airtel">Bharti Airtel</keyword> will be pushed back. The ET report also says that Vodafone has asked Morgan Stanley to figure out potential buyers for its 42% stake in <keyword id="6375231" type="COMPANY" weightage="20" keywordseo="Indus-Towers">Indus Towers</keyword>. This tower company is a three-way joint venture between Vodafone, Bharti Infratel and Idea. Earlier Vodafone UK had kept Indus Towers outside the proposed <keyword id="4322447" type="UNKNOWN" weightage="100" keywordseo="vodafone-india-idea">Vodafone India-Idea</keyword> merger.

Vodafone India-Idea merger on fast track: Individual towers to be sold at the earliest

<ul><li><keyword id="1553175" type="General" weightage="100" keywordseo="vodafone-idea" source="Orion">Vodafone Idea</keyword> can heave a sigh of relief after finally succeeding in raising funds.</li><li>The telco has raised ₹4,500 crore from its promoters, and has an option to raise an additional ₹10,000 crore later.</li><li>This comes after the Vodafone Group sold a 7.1% stake in Indus Towers, raising over ₹4,300 crore in the process.</li></ul>Vodafone Idea has finally kickstarted its long-awaited fundraising plan, with the company’s promoters – Vodafone Group Plc., and Aditya Birla Group, pitching in with ₹4,500 crore. Interestingly enough, Vodafone Group had earlier <a href="https://www.businessinsider.in/business/telecom/news/vodafone-idea-could-finally-get-the-much-needed-capital-infusion-from-its-british-parent-vodafone-group-plc/articleshow/89774140.cms">refused to infuse funds</a> in the telco for several months. Ahead of the fundraising announcement on March 3, the company’s shares ended the day up by over 6%. This should provide some respite to the company’s investors, who have seen their investment erode by a third since the beginning of 2022. However, Vodafone Idea’s shares were down by 3.6% as of 9:40 a.m., today, March 4, as the Russia-Ukraine conflict continues to worsen. <div type="image" title="Vodafone Idea 01_01_22 to 04_03_22." msid="89983726" hostid="261" caption="&amp;lt;p&amp;gt;Vodafone Idea share price in 2022&amp;lt;/p&amp;gt;"></div> The company’s board has room to raise an additional ₹10,000 crore via equity and debt instruments, including depository receipts and foreign currency convertible bonds. This comes after the Vodafone Group <a href="https://www.businessinsider.in/business/telecom/news/vodafone-idea-could-finally-get-the-much-needed-capital-infusion-from-its-british-parent-vodafone-group-plc/articleshow/89774140.cms">sold</a> a total of 7.1% stake in tower company Indus Towers – it raised ₹1,442 crore via a 2.4% stake sale via a block deal, and another ₹2,900 crore by selling the balance 4.7% stake to Bharti Airtel, a rival of Vodafone Idea. Out of the ₹4,500 crore, 75% of the funds will come in from the Vodafone Group, with the Aditya Birla Group contributing the remaining 25%. <div type="javascript" title="Custom" contenttype="Image"><cdata><![CDATA[]]></cdata></div> <cmsannotation type="cmsannotation" annotationid="What does it mean for users?" comment="subhead" text="What does it mean for users?">What does it mean for users?</cmsannotation> The fundraise should help Vodafone Idea work towards its plans to raise capital expenditure to the tune of $2 billion (approx. ₹15,000 crore). This will primarily be aimed at boosting the telco’s network capacities, improving the technology backend and participating in the upcoming 5G spectrum auction, expected to happen sometime in the first quarter of 2022. <cmsannotation type="cmsannotation" annotationid="Fundraise comes soon after Vodafone Idea opted for AGR dues moratorium" comment="subhead" text="Fundraise comes soon after Vodafone Idea opted for AGR dues moratorium">Fundraise comes soon after Vodafone Idea opted for AGR dues moratorium</cmsannotation> The long-awaited fundraise comes soon after the ailing telecom operator opted for the Indian government’s adjusted gross revenue (AGR) dues moratorium, allowing it to obtain a much-needed cash flow relief. According to the AGR and spectrum dues case in the Supreme Court, the total demand stood at ₹58,254 crore of which Vodafone Idea has already repaid ₹7,854 crore. Its current outstanding is ₹50,339 crore. More recently, <a href="https://www.businessinsider.in/business/telecom/news/vodafone-idea-reportedly-wants-the-government-to-release-15000-crore-bank-guarantees/articleshow/89937099.cms">the telco also applied</a> to the Department of Telecommunications (DoT) to release its bank guarantees worth ₹15,000 crore, and also freeze the calculation of interest on its AGR dues on the date of its application for moratorium. SEE ALSO: <a href="https://www.businessinsider.in/business/telecom/news/vodafone-idea-reportedly-wants-the-government-to-release-15000-crore-bank-guarantees/articleshow/89937099.cms">Vodafone Idea reportedly wants the government to release ₹15,000 crore bank guarantees ahead of its fundraising plan</a> <a href="https://www.businessinsider.in/business/telecom/news/vodafone-idea-could-finally-get-the-much-needed-capital-infusion-from-its-british-parent-vodafone-group-plc/articleshow/89774140.cms">Vodafone Idea’s British parent could infuse capital in the telco after refusing to do so for several months</a> <a href="https://www.businessinsider.in/business/telecom/news/mukesh-ambanis-reliance-jio-loses-13-million-subscribers-its-second-largest-fall-so-far/articleshow/89644193.cms">Reliance Jio gets its second big jolt on its path to 500 million subscribers</a>

Even a big fundraise is not helping Vodafone investors as Russia-Ukraine conflict takes the wind out of global markets

<ul><li><keyword id="1553175" type="General" weightage="20" keywordseo="vodafone-idea" source="Orion">Vodafone Idea</keyword>’s British parent, Vodafone Group, could reportedly infuse capital in the company after earlier refusing to do so. </li><li>This comes after the telco opted for the adjusted gross revenue (AGR) and spectrum dues moratorium offered by the Indian government. </li><li>Its rival, Airtel, too has been on a fundraising spree, with Android maker Google infusing a billion dollars in the Sunil Mittal-led company. </li></ul>Troubled telco Vodafone Idea could finally get the much-needed capital infusion from its British parent Vodafone Group Plc., with a new <a href="https://telecom.economictimes.indiatimes.com/news/vodafone-group-in-talks-with-airtel-to-sell-upto-5-stake-to-infuse-proceeds-in-vodafone-idea/89771763">report</a> suggesting that the company could sell a stake of up to 5% in tower company Indus Towers to rival Bharti Airtel. Bharti Airtel and Vodafone Group each hold a stake of 41.73% and 28.12% in Indus Towers. Earlier during an analyst call this year, Vodafone Idea’s management had reiterated March 2022 as the deadline for fundraising. This comes after the telco opted to convert its AGR and spectrum dues into equity, making the Indian government the <a href="https://www.businessinsider.in/business/telecom/news/vodafone-idea-news-the-government-is-now-the-biggest-shareholder-in-vodafone-idea/articleshow/88824061.cms'">biggest shareholder of the company</a>. Business Insider has reached out to both Bharti Airtel and the Vodafone Group. While the Vodafone Group has refused to comment on the matter, we are yet to receive a response from Bharti Airtel. While Vodafone Idea has been struggling to raise funds for several months now, its rival Airtel recently <a href="https://www.businessinsider.in/business/telecom/news/google-invest-bharti-airtel-1-billion/articleshow/89161986.cms">announced</a> a $1 billion fundraising from Google. <cmsannotation type="cmsannotation" annotationid="Subscriber numbers continue to tumble" comment="subhead" text="Subscriber numbers continue to tumble">Subscriber numbers continue to tumble</cmsannotation> Vodafone Idea’s troubles aren’t limited to just ballooning losses – the telco is struggling to even hold on to its subscribers. Since January 2020, Vodafone Idea has lost over 67 million subscribers while its rivals Airtel and Jio have each added over 28 million and 46 million subscribers respectively. The company is struggling on other key financial metrics, too: <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Particulars </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Q3 FY22 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Q3 FY21 </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Revenue </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">₹9,717 crore </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">₹10,894 crore </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Net loss </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">₹7,230 crore </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">₹4,532 crore </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">ARPU </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">₹115 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">₹121 </td></tr></tbody></table> Source: Company reports It remains to be seen if this report of capital infusion materialises. SEE ALSO: <a href="https://www.businessinsider.in/business/telecom/news/vodafone-idea-news-the-government-is-now-the-biggest-shareholder-in-vodafone-idea/articleshow/88824061.cms'">The government is now the biggest shareholder in Vodafone Idea</a> <a href="https://www.businessinsider.in/business/telecom/news/government-picking-up-a-stake-in-vodafone-idea-might-be-a-remedy-worse-than-the-disease-say-experts/articleshow/86221662.cms">Government picking up a stake in Vodafone Idea ‘might be a remedy worse than the disease’, say experts</a> <a href="https://www.businessinsider.in/business/telecom/news/mukesh-ambanis-reliance-jio-loses-13-million-subscribers-its-second-largest-fall-so-far/articleshow/89644193.cms">Reliance Jio gets its second big jolt on its path to 500 million subscribers</a>

Vodafone Idea’s British parent could infuse capital in the telco after refusing to do so for several months

<ul><li>Vodafone Idea has reportedly reached out to the Department of Telecom to release bank guarantees worth ₹15,000 crore.</li><li>The bank guarantees were given to the government with respect to the adjusted gross revenue (AGR) and spectrum dues worth ₹50,339 crore.</li><li>With the telco opting for the four-year deferment of AGR dues, it now believes there’s no need for the DoT to hold on to those bank guarantees.</li><li>This is crucial for the telco as its board meets on March 3 to discuss fundraising options.</li></ul>Vodafone Idea has reportedly asked the Department of Telecom to release ₹15,000 crore in bank guarantees as the telco’s board of directors meets on March 3 to discuss fundraising plans. According to a report by <a href="https://telecom.economictimes.indiatimes.com/news/vodafone-idea-urges-dot-to-release-rs-15000-crore-bank-guarantees/89935218">ET Telecom</a>, Vodafone Idea’s argument is now that the adjusted gross revenue (AGR) and spectrum dues <a href="https://www.businessinsider.in/business/telecom/news/telecom-relief-package-airtel-vodafone-idea-get-four-year-moratorium-on-agr-dues/articleshow/86227218.cms">have been deferred</a> by four years, and the government has the option to convert this into equity, there is no need to hold up the bank guarantees for the same dues. Shares of Vodafone Idea were up by 2% as of 9:30 a.m., on Wednesday. <div type="image" title="Vodafone Idea 01_01_22 to 02_03_22." msid="89937111" hostid="261" caption="&amp;lt;p&amp;gt;Vodafone Idea&amp;#39;s share performance in 2022 so far&amp;lt;/p&amp;gt;"></div> At the moment, the Department of Telecom reportedly holds ₹15,000 crore in bank guarantees, against Vodafone Idea’s AGR and spectrum dues worth ₹50,339 crore. “Vodafone [Idea] has expressed the need to release bank guarantees since the AGR dues themselves have been deferred by four years,” the ET report said, quoting an unnamed government official. <div type="javascript" title="Custom" contenttype="Image"><cdata><![CDATA[]]></cdata></div> Apart from this, the telco also wants the government to freeze the date of calculation of AGR dues on the date of the Supreme Court’s judgement in the matter. Business Insider has written to Vodafone Idea for a statement in this regard. We will update the story if and when we receive a response. <cmsannotation type="cmsannotation" annotationid="Why is this important for Vodafone Idea?" comment="subhead" text="Why is this important for Vodafone Idea?">Why is this important for Vodafone Idea?</cmsannotation> The request to release ₹15,000 crore bank guarantees will free up some pressure on Vodafone Idea’s balance sheet, which is racing to get the crucial fundraising from its potential investors. <a href="https://www.businessinsider.in/business/telecom/news/vodafone-idea-could-finally-get-the-much-needed-capital-infusion-from-its-british-parent-vodafone-group-plc/articleshow/89774140.cms">Earlier reports</a> had suggested that the company’s British parent – Vodafone Group Plc., – is paring its stake in Indus Towers, to infuse funds in Vodafone Idea. While Vodafone has sold 7.1% stake in the tower company, there have been no other developments with regards to it infusing funds in Vodafone Idea, so far. Now, Vodafone Idea’s board of directors is scheduled to meet tomorrow, March 3, to discuss fundraising options on the table. SEE ALSO: <a href="https://www.businessinsider.in/business/telecom/news/telecom-relief-package-airtel-vodafone-idea-get-four-year-moratorium-on-agr-dues/articleshow/86227218.cms">Indian government dials M for moratorium – Airtel, Vodafone Idea get a four-year relief on AGR dues</a> <a href="https://www.businessinsider.in/business/telecom/news/vodafone-idea-could-finally-get-the-much-needed-capital-infusion-from-its-british-parent-vodafone-group-plc/articleshow/89774140.cms">Vodafone Idea’s British parent could infuse capital in the telco after refusing to do so for several months</a> <a href="https://www.businessinsider.in/business/telecom/news/mukesh-ambani-and-sunil-mittal-are-fast-catching-up-while-elon-musk-struggles-for-satellite-broadband-licence/articleshow/89561185.cms">India’s richest billionaires are fast catching up while Elon Musk struggles for satellite broadband licence</a>

Vodafone Idea reportedly wants the government to release ₹15,000 crore bank guarantees ahead of its fundraising plan

New Delhi, Feb 22 () Bharti Infratel on Saturday said its board will meet on February 24 to chart out the future course of action following the telecom department's approval for merger with Indus Towers. The combination of Bharti Infratel and Indus Towers will create a pan-India tower company with over 163,000 towers, operating across all 22 telecom service areas. The combined entity will be the largest tower company in the world outside China. "...FDI approval for merger of Indus Towers with Bharti Infratel has been received late evening yesterday," Bharti Infratel said in a regulatory filing. It added that the board of directors of the company will meet on February 24, 2020 to "take stock and decide the future course of action". Bharti Infratel and Vodafone hold 42 per cent stake each in Indus. Vodafone Idea holds 11.15 per cent stake in the mobile tower firm. As per the plans, the combined company, which would fully own the respective businesses of Bharti Infratel and Indus Towers, would change its name to Indus Towers Ltd and will continue to be listed on Indian stock exchanges. The timely completion of the tower deal was critical for the companies, since it would allow Bharti and Vodafone Idea in offloading stake and raising funds. The development comes at a time when Vodafone Idea is confronted with total AGR dues of over Rs 53,000 crore. Of this, it has paid only Rs 3,500 crore in two tranches earlier this week. In all, as many as 15 entities owe the government Rs 1.47 lakh crore -- Rs 92,642 crore in unpaid licence fee and another Rs 55,054 crore in outstanding spectrum usage charges. These dues arose after the Supreme Court, in October last year, upheld the government's position on including revenue from non-core businesses in calculating the annual Adjusted Gross Revenue (AGR) of telecom companies, a share of which is paid as licence and spectrum fee to the exchequer. MBI SR ABMABM

Bharti Infratel board to meet on Feb 24 post DoT's nod for merger with Indus Towers

<ul><li><keyword id="1553175" type="General" weightage="80" keywordseo="vodafone-idea" source="Orion">Vodafone Idea</keyword> is in talks with its lenders for a loan recast.</li><li>The telco last month opted for the adjusted gross revenue (AGR) dues moratorium.</li><li><keyword id="6354955" type="General" weightage="20" keywordseo="kumar-mangalam-birla" source="Orion">Kumar Mangalam Birla</keyword> may infuse $150 million into Vodafone Idea.</li></ul>Vodafone Idea and <a href="https://www.businessinsider.in/business/telecom/news/airtel-opts-for-agr-dues-moratorium-becomes-the-second-telco-to-do-so/articleshow/87254202.cms">Airtel</a> last month opted for the adjusted gross revenue (AGR) dues moratorium that was announced by the government as part of the <a href="https://www.businessinsider.in/business/telecom/news/telecom-relief-package-airtel-vodafone-idea-get-four-year-moratorium-on-agr-dues/articleshow/86227218.cms">telecom relief package</a>. By opting for the moratorium, Vodafone Idea was able to free up its cash-flow by up to ₹60,000 crore for four years, putting it in a better position to recover from its woes. According to a <a href="https://economictimes.indiatimes.com/industry/telecom/telecom-news/vodafone-idea-in-talks-with-banks-for-loan-recast/articleshow/87616740.cms?from=mdr">report</a> by The Economic Times (ET), now Vodafone Idea is in talks with its lenders, including a consortium led by the State Bank of India (SBI), its biggest lender for a recast of loans. "After the government extended relief to the telco, lenders believe that uncertainty over its future is over for now," said an official aware of the discussions to ET. Vodafone Idea is reportedly looking for a stay on its interest payments, lower rates or a longer payment tenure. Banks have an exposure of ₹28,740 crore to Vodafone Idea, of which, SBI alone has an exposure of ₹11,000 crore. <cmsannotation type="cmsannotation" annotationid="What is a loan recast?" comment="subhead" text="What is a loan recast?">What is a loan recast?</cmsannotation> A loan recast is restructuring of a loan, offering concessions such as stay on interest, longer repayment tenure, lower interest or a combination of these. Banks’ exposure to Vodafone Idea: <table style="border-width: initial; border-style: none;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bank </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Amount </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">% of loan book </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">IDFC First Bank </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹3,240 crore </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2.90% </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Yes Bank </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹4,000 crore </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2.40% </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">IndusInd Bank </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹3,500 crore </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1.65% </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Punjab National Bank </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹3,000 crore </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.44% </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">State Bank of India </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹11,000 crore </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.43% </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ICICI Bank </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,700 crore </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.23% </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Axis Bank </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,300 crore </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.21% </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HDFC Bank </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,000 crore </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.09% </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table>Source: Nomura Vodafone Idea has reportedly also informed its lenders that it has resumed talks with global investors to raise funds. The funds will be used by the telco for infrastructure improvement. As per <a href="https://www.livemint.com/companies/news/birla-may-infuse-at-least-150-mn-into-vodafone-idea-this-month-11635879044507.html">reports</a>, Aditya Birla Group chairman Kumar Mangalam Birla may infuse $150 million into the company, followed by <keyword id="137231" type="General" weightage="20" keywordseo="vodafone-group" source="Orion">Vodafone Group</keyword> which is expected to monetise a part of its stake in Indus Towers and invest it into Vodafone. The AGR dues moratorium and reports of fresh investments have also boosted the confidence of banks in Vodafone Idea. "There is no reason for us to be really concerned. They have plans which they are working on in terms of raising capital, etc, and also increasing the investment in technology. So, that account is back on track,” <a href="https://www.financialexpress.com/industry/provisions-plan-banks-stay-cautious-on-vodafone-exposures/2363215/">said</a> SBI Chairman Dinesh Khara. Business Insider India has written to Vodafone Idea and is awaiting a response. SEE ALSO: <a href="https://www.businessinsider.in/business/telecom/news/vodafone-idea-and-airtel-need-tariff-hikes-agr-moratorium-might-not-be-enough-say-analysts/articleshow/86285450.cms">Vodafone Idea and Airtel need tariff hikes, AGR moratorium might not be enough, say analysts</a> <a href="https://www.businessinsider.in/business/telecom/news/airtel-vodafone-idea-and-jio-welcome-telecom-relief-package-but-analysts-are-divided-on-whether-it-is-enough/articleshow/86252002.cms">Airtel, Vodafone Idea and Jio welcome telecom relief package, but analysts are divided on whether it is enough</a> <a href="https://www.businessinsider.in/business/telecom/news/yes-bank-sbi-and-others-want-vodafone-idea-to-be-saved-heres-why/articleshow/86196076.cms">Yes Bank, SBI and others want Vodafone Idea to be saved, here’s why</a>

After relief from Indian government, Vodafone Idea reportedly turns to banks for a loan recast

India’s one of the biggest mobile operator, <a href="http://www.businessinsider.in/searchresult.cms?query=BSNL">Bharat Sanchar Nigam Limited (BSNL)</a>, a state-owned <a href="http://www.businessinsider.in/searchresult.cms?query=telecommunication+">telecommunication </a>company, is going through its roughest patch yet. The <a href="http://www.businessinsider.in/searchresult.cms?query=Union+Cabinet">Union Cabinet</a> today is expected to take a call on a proposal by the <keyword id="150664" type="ORGANIZATION" weightage="20" keywordseo="telecom-department">Telecom Department</keyword> to save the company. 
 The proposal is to skim off the assets of all 65,000 <keyword id="30351" type="CITY" weightage="20" keywordseo="BSNL">BSNL</keyword> mobile towers to another entirely public owned subsidiary company. 
 As per a top government official, the <keyword id="41511" type="CITY" weightage="20" keywordseo="idea">idea</keyword> of restructuring the loss making BSNL, monetize its infrastructure and improve its operations and maintenance is on the agenda of <keyword id="6355512" type="ORGANIZATION" weightage="20" keywordseo="Union-Cabinet">Union Cabinet</keyword> today. 
 
Some highly placed government officials, requesting anonymity, confirmed that the new subsidiary company could be valued at Rs 20,000 crores while the operations and maintenance of the mobile towers could be outsourced. 
 
BSNL, the government owned Telecom Company, in terms of expansion, comes after Indus Towers- a joint venture between private telecom operators including <a href="http://www.businessinsider.in/Bharti-Airtel-Divests-Over-3500-Mobile-Towers-In-Africa-To-Eaton/articleshow/42037506.cms">Airtel</a>, <a href="http://www.businessinsider.in/searchresult.cms?query=Vodafone+">Vodafone </a>and Idea which runs the largest network. 
 
The purpose behind drawing off BSNL tower infrastructure to another company is to streamline the functioning and improve the quality. At the same time, the operator would earn new revenues by way of tenancy of towers. 
 
The move will also let private investors get involved and operate the BSNL mobile network on lease instead of investing in the set-up of a separate network tower.

You Searched For "vodafone indus towers" and got 13 results

Vodafone Idea board to meet on October 21 to consider fundraising via convertible debentures

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What if Vodafone Idea dies?

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Vodafone Idea soars nearly 5% on fund infusion from Indus Towers stake sale

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Vodafone gets lenders' nod for Indus Towers-Bharti Infratel merger

IANS

Vodafone Idea's board to finalise fund raising plan on Friday

IANS

Govt approves merger of Bharti Infratel, Indus Towers: Sources

PTI

Vodafone India-Idea merger on fast track: Individual towers to be sold at the earliest

BI India Bureau

Even a big fundraise is not helping Vodafone investors as Russia-Ukraine conflict takes the wind out of global markets

Rounak Jain

Vodafone Idea’s British parent could infuse capital in the telco after refusing to do so for several months

Rounak Jain

Vodafone Idea reportedly wants the government to release ₹15,000 crore bank guarantees ahead of its fundraising plan

Rounak Jain

Bharti Infratel board to meet on Feb 24 post DoT's nod for merger with Indus Towers

PTI

After relief from Indian government, Vodafone Idea reportedly turns to banks for a loan recast

Rounak Jain

BSNL’s future is up for a serious call today!

BI India Bureau

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