Breakingviews - Everyone wins in India’s telecoms debt reset
ends up with 28.5%, and its local partner, Kumar Mangalam Birla’s Aditya Birla Group, with 17.8%. That’s not too bad for the two big backers, who had been reluctant to put in more capital given the ailing telecoms firm’s $26.2 billion of net debt, a crippling 11 times its EBITDA.
unleashed on the industry in 2016. Operators are only now raising tariffs back towards more sustainable levels. The tycoon is less likely to revert to such aggressive tactics if they directly hurt the government. That’s where Prime Minister Narendra Modi’s newly earned reform credentials matter. The government has no desire to run the operator and is not even seeking a board seat, Vodafone Idea’s management said on Wednesday. Time will tell, but such assurances sound more reassuring now that New Delhi has committed to selling key state assets like Air India and is planning an initial public offering of the $200 billion Life Insurance Corp of India.
- Vodafone Idea calculates the net present value of the interest at 160 billion rupees . Its sums are subject to the government’s assessment. The deferment and debt-for-equity swap are part of a rescue package offered by the Department of Telecommunications in October.
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