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Just as Vodafone Idea Ltd. was about to drown under the weight of its $30 billion debt, India has thrown a lifeline to the U.K. operator’s local joint venture. The rescue is only one of the tea leaves Group CEO Nick Read will read as he weighs the all-important question: Has India stopped being what Deutsche Bank AG analysts recently described as “the most painful market” to operate a telecom? The answer will decide if it’s time to make a fresh play for the 1.4-billion-person market.
A moratorium on New Delhi’s bloated back-fee claims, extra time to pay for the
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