The company, part of the UK-based Vodafone Group, had posted an adjusted operating profit of GBP 60 million (about Rs 503 crore) in the year-ago period, it said.
With the Supreme Court declining to intervene in the tax demand case against it Friday, mobile service company Vodafone faces a potential tax demand of up to $2 billion (Rs 9,800 crore) from the tax authorities.
British giant Vodafone and Indian conglomerate Essar group reached an agreement on Thursday for jointly running India's fourth largest mobile firm -- Hutch-Essar, which would be rechristened Vodafone Essar.
While a group of officials believed a case against the two telecom companies was made out as they were only beneficiaries of the laid down policy, another team of officials involved in decision-making differed, official sources said on Monday.
In his complaint, Delhi resident Rajender Yadav had alleged unfair trade practice by Vodafone for deducting Rs 50 from his account towards activating 'hello' tune service on his number without his consent.
Vodafone India MD & CEO Marten Pieters, 59, blames regulation and the spectrum policy for the telecom industry's troubles.
UK telecom giant Vodafone has offloaded its 5.6 per cent direct stake in India's mobile leader Bharti Airtel to promoter Sunil Mittal's group for $1.6 billion, coinciding its acquisition of controlling stake in Hutch-Essar.
There have been several positive signals in Bharti Airtel with revenue market share (RMS) growth, better visibility of profits from Africa, and enough free cash flow to pursue deleveraging. Airtel's 4G and 5G data subscriber net additions were 5.6 million in Q1FY24, and 24.5 million in the last 12 months. Airtel currently has 230 million data subscribers on 4G/5G, which is about 70 per cent penetration of its base of 339 million subscribers.
GSM operators on Monday stepped up pressure against the regulator's 2G recommendations, with Idea Cellular writing to the DoT and officials of Vodafone Essar calling on TRAI chief J S Sarma to convey their objections to the spectrum proposals.
Officials in the know indicate the Central Board of Direct Taxes might come out with a notification in due course, saying that cases that have reached finality would not be touched.
A presentation by the CBI to a Joint Parliamentary Committee last week said the decision led to a loss of Rs 508 crore to the exchequer.
A senior official of the department said the papers were prepared after serious deliberations, and the I-T department's admission on these measures at this juncture could be significant pointers to achieving the direct tax collection target for 2012-13.
Vodafone, which is led by India-origin CEO Arun Sarin, plans to hire 330 retail staff for its stores to sell "data services such as music products and mobile broadband". "A further 130 people will be taken on in sales roles in its enterprise business and 30 in its online sales and customer service division," the report stated.
Vodafone-Essar, the leading GSM operator is raising around $500 million (Rs 2,000 crore) through overseas borrowing. This is the first fund raising by the telecom major after British telecom major Vodafone acquired a majority stake.
Vodafone India said on Friday it would launch fourth-generation (4G) mobile phone services in the country by the end of the year.
4G services typically make it much faster than 3G services to surf the web on mobile phones, tablets and laptops.
The British telecom major on Tuesday moved the dispute resolution panel, seeking relief from an order sent by the I-T department in December.
Vodafone, which has equity interests in 25 countries besides India where it bought controlling stake in Hutchison Essar early this year, said its capital expenditure on fixed assets this fiscal would be around 4.7-5.1 billion.
Even after investing almost Rs 6,000 crore, Ajay Piramal, chairman of the company, insists it is a short-term investment.
Britain's Vodafone, which acquired controlling stake in mobile firm Hutch-Essar, on Tuesday said it will transfer its 5.6 per cent stake in Bharti Airtel back to the Indian mobile leader by November next year.
A bench headed by Justice S B Sinha refused to hear the Vodafone plea that had challenged the Bombay high court judgment, which on December 3 last year had dismissed a petition by Vodafone International Holdings BV, contesting a showcause notice by the I-T department. Vodafone, Netherlands-based company, had bought a 67 per cent stake in Hutchison Essar from Hutchison Telecom International in February 2007 for $11.2 billion.
As Vodafone started examining the books of Hutchison Essar, its existing partner Bharti Airtel on Tuesday said it has not been approached by anyone to buyout British telecom firm's stake in the company.
Sarin said Hutchison obviously had its own compulsions of not being able to continue in India.
The Telecommunications Bill, 2023, which was passed by a voice vote after a short debate, also allows the Centre to take possession of a telecom network in case of any public emergency or in the interest of public safety.
The Foreign Investment Promotion Board will take up on March 20, the proposal of UK mobile giant Vodafone to acquire 52 per cent direct stake in Hutchison-Essar from Hong Kong-based Hutchison Telecom based on an enterprise value of $18.8 billion.
Fierce competition and rising capex will put pressure on most operators in 2017.
A report in The Observer on Sunday said the bidding war for telecom firm Hutchison Essar will erupt again, with Britain's Vodafone preparing to table a fresh offer that would value the target at up to 19 billion dollars.
Capital expenditure by Indian companies is likely to see an uptick in the upcoming quarters as capacity utilisation has surpassed the critical threshold of 75 per cent, and numerous companies have deleveraged their balance sheets, according to analysts. The first quarter of the current financial year has shown improved profitability, driven by a decrease in input prices. This, according to analysts at Care Ratings, should stimulate a revival in the private capex cycle.
MphasiS, which recently came under the EDS fold, will be executing $250 million worth of application development and maintenance work for Vodafone over five years.
The government believes firms which are subject to China's laws could be forced to hand over information to Beijing's security services.
India's income tax department today said it would scrutinise more than a dozen cases of offshore mergers and acquisitions in which the deal results in an ultimate change of ownership of Indian firms. The latest move by the tax department comes in the background of a favourable ruling from the Bombay High Court yesterday in a case filed by Vodafone International Holding BV.
The price offered is about a quarter of the value set by the govt in an auction that was scheduled for March 2013 but never took place.
Today is the last date for submitting the applications and companies have the option to withdraw them by January 27.
Mobile phone giant Vodafone cut short a four-year shirt sponsorship deal with Manchester United on Wednesday and switched its allegiance to European's premier club competition, the Champions League.
'We have informed the government multiple times that the situation in the US and India are different.' 'Here, there will be a 500 MHz gap in the frequencies which will safely allow aviation without interference.'
The second largest telecom operator said auction would avoid possible legal disputes and pave the way for licence extensions.
Apple's iPhone, the touch screen handset that acquired a cult status in the United States and other Western countries, will be available to Indian mobile users through private telecom operators Bharti Airtel and Vodafone Essar from August 22, giving competitors like Nokia, Samsung and others a run for their money.
The order in favour of Vodafone is being considered significant because some domestic companies too are involved in similar transfer pricing cases.
Justice Rajiv Shakdher, referring to a Supreme Court order on a plea of Bharti Cellular Ltd in a similar case, asked the Department of Telecommunications not to take any coercive steps in pursuance of its notices issued to the telecom companies asking them to stop providing 3G services to mobile users in the circles for which they lacked licences.
Vodafone appointed to its board on Thursday a former group managing director at HTIL's parent company Hutchison Whampoa.
© 2026 Rediff.com - Investor Information - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances