Vodafone India received £4.77 billion fresh capital from its parent company to fund its business expansion. Managing Director and Chief Executive Sunil Sood said, "The money has flown into the company, which previously announced a plan to do a share sale, since April this year." The move came shortly after Reliance Jio's dramatic entrance into the telecom world.
Sood also claimed the investment is the single-largest FDI inflow into the country till date. He said the fund will be used to clear debt, bidding for spectrum that begins next week, expansion of network, and deployment of next generation technologies. Not indulging in the details, he said the firm is continuing to prepare for the share sale on "full steam." Until now, Vodafone has invested a total of £11.55 billion in the country since 2007, and has over 1,37,000 sites. Its total customer base has touched a 200-million mark, Sood said, adding that 106 million are in rural areas.
