Vodafone India has announced that it has received an equity infusion of Rs. 47,700 crore from Vodafone Group in the first half of the current fiscal. The telecom operator claims this equity infusion via foreign direct investment (FDI) is largest ever FDI infusion in the country.
The funds will help Vodafone India to continue its investments in spectrum and expansion of networks. It will also help Vodafone compete against the new entrant Reliance Jio.
Sunil Sood, MD & CEO, Vodafone India, said,
We are judiciously deploying a portfolio of technologies- 2G, 3G, 4G and IOT – to cater to the myriad connectivity needs of our retail and enterprise customers across the country. We have successfully increased our revenue market share by 0.6% in the first quarter of current fiscal. This equity infusion of INR 47,700 crore, which we believe is the largest ever in India, will enable Vodafone India to continue its investments in spectrum and expansion of networks across various technology layers delivering the best of experience to our hundreds of million customers.