Vodafone Idea gets Rs 2,000 cr fund support assurance from promoter group

Debt-ridden Vodafone Idea has received funding assurance of up to Rs 2,000 crore from a promoter group entity, the company said in a regulatory filing on Monday.

The company has reported gross debt of Rs 2.11 lakh crore as on June 30, 2023.

"The Company has received a communication from a promoter group entity confirming that in the event of any fund requirement for meeting its impending payment obligations by the Company, it shall provide direct or indirect financial support to the extent of Rs 2,000 crore," Vodafone Idea said in the filing.

Vodafone Idea's consolidated net loss widened to Rs 7,840 crore in the first quarter ended June 30.

The company had posted a net loss of Rs 7,295.7 crore in the same period a year ago.

The consolidated revenue from operations during the reported quarter increased marginally by 2.3 per cent to Rs 10,655.5 crore from Rs 10,406.8 crore in the June 2022 quarter.

VIL said it is in discussion with various network vendors for the finalisation of our 5G rollout strategy.