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Vodafone Idea may shut shop in India

Vodafone Idea Chairman Kumar Mangalam Birla on Tuesday (18) met Telecom Secretary Anshu Prakash.

Post the meeting Birla said he “cannot say anything at the moment.”


Reports say that the JV company is seeking more time to repay dues.

Vodafone Idea owes $4 billion in past dues for spectrum and licenses to the Indian government.

Birla was accompanied by Ravinder Takkar, MD & CEO of Vodafone Idea. The meeting lasted over an hour.

Vodafone Idea on Monday (17) paid Rs 25 billion to the Department of Telecom DoT and promised to pay another Rs 10 billion before the end of the week.

The Supreme Court on Monday refused to stop DoT from taking any coercive steps for recovery of dues from Vodafone Idea.

In another development, Senior advocate Mukul Rohatgi, representing Vodafone Idea in the Adjusted Gross Revenue (AGR) case, said that if the telecom company's bank guarantees are encashed, the entity may force to ‘shut the shop’.

If it happens, it will badly affect over 300 million customers across the country, he said.

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UK business confidence

The IoD survey, conducted between 14 and 26 November among firms where two-thirds employ fewer than 50 people

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UK services sector confidence plunges to three-year low, CBI says

Highlights

  • Services sector optimism falls to -50
  • Chancellor's £26 bn tax increase blamed for adding business costs.
  • Business sentiment remains near record lows despite marginal post-budget uptick.
Confidence in Britain's services sector has tumbled at the fastest rate in three years, with businesses citing mounting cost pressures and reduced profitability, according to the Confederation of British Industry (CBI).

The CBI's optimism index for services firms plummeted to -50 in the three months to November, down sharply from -29 in August. This marks the steepest decline, reflecting growing anxiety among business owners.

The organisation surveyed 398 firms between October (28) and November (13), capturing sentiment both before and after chancellor Rachel Reeves unveiled her autumn budget on November (26). The budget outlined £26 bn in tax rises, equivalent to approximately $34 bn.

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