Vodafone Idea dispels speculation regarding being acquired

The company claimed in an exchange filing that the internet news story was false. An internet news source said on Sunday that a US corporation would buy Vodafone Idea.

The third-largest telecom provider in the nation, Vodafone Idea (Vi), denied being bought by any other organisation or corporation on Monday. The company claimed in an exchange filing that the internet news story was false. An internet news source said on Sunday that a US corporation would buy Vodafone Idea. Starlink, Verizon, and Amazon were among the organisations that were referenced in the piece.

The accusations mentioned in the news article, however, were quickly refuted by Vodafone Idea. The telco said that it is not engaged in such discussions with any party. "We wish to submit that the said News Item is incorrect," the telecom declared. With any of the named parties, the Company is not engaged in such a conversation.

Vodafone Idea's stock price has increased significantly over the past few days, even reaching a 52-week high. As part of the 5G spectrum instalment, the telco had recently paid the Department of Telecommunications (DoT) Rs 1,701 crores. Vi is gradually paying off its debts to both the government and the banks. But the telco needs more cash to finish off the vendors and also to undertake new network investments.

Currently, the telco is using whatever revenue it can produce for itself to pay off debts. To demonstrate to the market their continued confidence in the company's ability to recover from its current state, the promoters must step in with more funding. Vi needs to gain access to a substantial sum of money in order to compete with the other private telecom operators.