Indian govt to become Vodafone Idea’s largest stakeholder

Today, Vodafone Idea has announced that it has agreed for the Indian government to become its largest stakeholder, handing over a 35.8% stake as part of an emergency bailout plan. 
The deal agrees to convert the interest that Idea owes the government, related to spectrum and adjusted gross revenue (AGR) payments, into equity. Though unconfirmed by the Department of Telecommunications, this interest is likely worth around $2.2 billion.
Idea’s existing shareholders…

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