VODAFONE Group has rejected reports that it is winding up its India operations amid mounting losses.
The British telecom giant clarified that it was supportive of its management in the Asian country.
The telecom firm on Thursday (1) said it was also actively engaging with the Indian government.
The Berkshire head-quartered business said in a statement: “Vodafone is aware of the unfounded and baseless rumours circulating in some of the Indian media that we have decided to exit the market. We would like to categorically state that this is not true and is malicious.”
“Vodafone is actively engaging with the government, and we are fully supportive of our local management as they continue to manage our joint venture in these challenging times”.
The clarification comes 24 hours after a few local media reports stated that the firm was planning to exit India following its climbing losses.
Vodafone Idea is the merged entity of Vodafone India and India’s Idea Cellular.
In a statement to the country’s Bombay Stock Exchange (BSE) on Thursday, Vodafone Idea said: “As regards the exit of India operations by Vodafone Group is concerned, we wish to inform you that the company is not aware about anything on the subject as it pertains to Vodafone Group and, hence, cannot comment on the same."
In March 2017, Vodafone India and Idea Cellular had announced their merger.
Vodafone Idea has completed the network integration process in 11 out of 22 circles, and expects to finish the process next year.
The company’s active subscriber base fell from 334.1 million in the March quarter to 320 million during the three-month period ended in June.
The business witnessed a net loss of Rs 40.6701 billion (£442 million) in the first quarter ended in June, higher when compared to the net loss of Rs 27.5760bn (£300m) during the same period last year.
Vodafone’s stock market value has witnessed a declining trend. The company recently said that it continues to pay all its debts as per the schedule and has not approached any lender for debt recast.
It added that the business continues to pay the debt as and when dues come.
Meanwhile, Vodafone-Idea has been ordered by the India’s top court to pay £3.1bn last week.
The country’s beleaguered telecom companies were dealt a blow after being told by the court to pay a whopping £10.1bn bill.
After a two-decade legal wrangle, the Indian supreme court ruled that telecom firms had to pay a combined £10.1bn in the past spectrum and licensing fees.
Vodafone has said that it could also look at filing a review petition on the court's order.
