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Thursday, December 12, 2019

Vodafone Idea to increase tariffs from Dec 1 in the wake of financial stress

Vodafone Idea has announced that it will raise its mobile service rates from December 1, 2019, in the wake of ongoing financial stress.

By: Tech Desk | New Delhi | Published: November 18, 2019 8:01:12 pm
vodafone idea increase tariff rates, vodafone idea, vodafone increase mobile service rates, vodafone idea losses Vodafone Idea to raise tariff from Dec 1: Signage for Vodafone Group Plc is displayed outside a Vodafone India Ltd. store in Mumbai. (File Photo: Bloomberg)

Debt-ridden telecom operator Vodafone Idea today announced that it will raise the mobile service rates from December 1, 2019. Vodafone Idea Limited (VIL) said that the decision comes in the wake of “acute financial stress in the telecom sector“, however, it did not mention the details of the proposed tariff hike.

“To ensure that its customers continue to enjoy world-class digital experiences, Vodafone Idea will suitably increase the prices of its tariffs effective December 1, 2019,” Vodafone Idea said in a statement.

“VIL will continue to actively invest in making its network future-fit by embedding new-age technologies and launching new products/services to cater to the evolving needs of its over 300 million customers,” it added.

Vodafone Idea also said that it is speedily expanding both its coverage and capacity and is well on track to offer 4G services to 1 billion Indian citizens by March 2020.

“The acute financial stress in the telecom sector has been acknowledged by all stakeholders and a high-level Committee of Secretaries (CoS) headed by the Cabinet Secretary is looking into providing appropriate relief.” Vodafone Idea said.

Vodafone-Idea, Airtel losses spook bankers; call for government intervention

Earlier, Vodafone Idea posted a net loss of Rs 50,922 crore for the second quarter, which is the highest ever net loss reported by a company in India. The Supreme Court’s ruling on adjusted gross revenue (AGR) also packed a punch on Vodafone Idea with a charge of Rs 25,680 crore. Vodafone had said, “It is to be noted that our ability to continue as going concern is dependent on obtaining the reliefs from the Government and positive outcome of the proposed legal remedy.”

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