Vodafone CEO says it is a critical situation in India
New Delhi : British telecom giant Vodafone's chief executive Nick Read has claimed that the situation in India are getting trickier for the company. He claimed that a lot of capital has been invested in India and he is still hopeful that things will get changed in a positive manner.
Speaking about Vodafone's future in India, he said, "It is fair to say it's a critical situation in India."
Last month, the company had said they will stay in the Indian market and hopes that the Indian government will soon do something to pass the challenging times.
"Vodafone is aware of the false information making a round in the media that they have planned to move out of the country. We would like to specifically mention that the reports are not true and malicious," Vodafone had earlier said.
Read also said that they are continuously being in touch with the Indian government as they know the issue and urgency. He noted that the group "needs supportive regulatory environment, sustainable pricing in India."
Vodafone India, operating in a merger with Idea, needs to pay a due of Rs 40,000 crores after a Supreme Court ruling upheld the government's way of calculating the telecom revenue and spectrum usage charges.
The telecom sector has been facing a tough time due to low tariffs, affecting profits and creating debt in face of the stiff competition with Reliance Jio.