Vodafone Accelerates $200 Million Payment to Vodafone Idea to Provide Liquidity
22 Abril 2020 - 07:44AM
Noticias Dow Jones
By Adria Calatayud
Vodafone Group PLC said Wednesday that it has accelerated a
payment of $200 million to Indian telecom operator Vodafone Idea
Ltd. in order to provide it with liquidity to manage its operations
during the coronavirus pandemic.
The U.K. telecommunications group said the payment was due in
September as part of a contingent liability mechanism between the
two companies.
Following a decision by India's Supreme Court, the country's
telecoms operators became liable for license fees, penalties and
interest dating back over 14 years and Vodafone Idea has made
payments to the Indian government in relation to its liabilities,
Vodafone said.
Under the agreement, Vodafone Group is obliged to make payments
to Vodafone Idea where amounts paid pursuant to the contingent
liabilities of Vodafone India exceed those of Idea Cellular.
Vodafone Idea was created through the merger of Vodafone's Indian
operations and Idea Cellular in 2018.
Write to Adria Calatayud at adria.calatayud@dowjones.com
(END) Dow Jones Newswires
April 22, 2020 08:29 ET (12:29 GMT)
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