New Delhi: Vodafone global CEO Nick Reid has told the government that the company wants to make a new and good start in India. Sources gave this information on Friday.
Reid met Finance Minister Nirmala Sitharaman and Telecom Minister Ravi Shankar Prasad on Friday to seek the government’s support to sustain Vodafone Idea in the market. Sources said that during the meeting, Prasad made it clear that the government was against monopoly in the telecom sector. The government wants Vodafone Idea to stay in the market and keep investing.
The minister is understood to have informed Reid about India’s growing economic impact and also said that it is an attractive market for foreign investors. The minister said that the company has 300 million customers in India. The Indian telecom market is a big opportunity for them.
Prasad told the Vodafone CEO that India was in favor of a non-discriminatory competition. Sources said that Reid admitted during the meeting that the issue of Adjusted Gross Revenue (AGR) should have been resolved by the company much earlier. Sources said that relief measures for telecom companies are in progress. Sources said that Vodafone Idea has been told that it will have to repay the principal amount of its AGR dues at the earliest.
