The British telecom major Vodafone is reportedly planning to launch IPO of its Indian arm to raise about $4 billion next fiscal. Also Read - Vi users now get more than 380 movies for rent including 2020's Tenet with Pay Per View services
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 percent stake in the Indian venture by buying out entire stake from its local partners for Rs 10,141 crore in 2013. Also Read - Airtel vs Vi vs Reliance Jio: Best Prepaid Plans under Rs 250 with extra data benefit
Vodafone India former MD and CEO Marten Pieters had said that 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 GBP 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. Also Read - Farmer protest update: Reliance Jio blocks internet services in Delhi NCR
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.