Amazon, Verizon will spend more than $4 billion in Vodafone Idea for India

Amazon, Verizon will spend more than $4 billion in Vodafone Idea for India

Business

U.S. wireless carrier Verizon Communications Inc. and Amazon.com Inc. could spend more than $4 billion in India’s Vodafone Idea Ltd, the Mint Newspaper reported on Thursday, putting up 10% of its share of the struggling Indian telecommunications business. Vodafone Idea’s stake-sale talks had been halted pending the outcome of a court hearing in India which created uncertainty and could have threatened the survival of Vodafone Idea, Mint said, citing two unnamed people who were aware of the negotiations.

Vodafone Idea did not respond immediately to Reuters’ request for comments. Amazon and Verizon did not return emails demanding feedback beyond regular business hours in the United States. Vodafone Idea — a joint venture between Vodafone Group Plc from Britain and Idea Cellular from India — has previously stated that its ability to continue as an ongoing issue depends on the positive outcome of the hearing.

According to regulatory filings, the Indian government paid 78.5 billion rupees ($1.1 billion) in telecommunications duties, but still owes around 500 billion rupees ($6.8 billion) more. Vodafone Idea shares, which ended up 13 per cent lower after the court ruling on Tuesday, rose by 0405 GMT to 8 per cent at 10.70 rupees on the NSE index.

Jason Amato

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