Vodafone Group is giving its Indian joint venture Vodafone Idea a cash injection of USD 200 million to help the company get through the coronavirus crisis. The group said this brings forward a payment it would have had to provide under the shareholders agreement in September.
Vodafone accelerated the payment to provide Vodafone Idea with liquidity to manage its operations and to support its around 300 million customers and thousands of employees during the health emergency.
Vodafone Idea has seen its cash resources come under pressure since the Indian Supreme Court ruling last October on the definition of adjusted gross revenues. This resulted in a sharp increase in outstanding regulatory fees for the Indian operators, and Vodafone Idea has been making payments to the government to meet its AGR liabilities.
