Vodafone seeks more spectrum; rules out IPO
Vodafone Essar, the country's third- biggest mobile player sought more spectrum to meet the requirement of additional subscribers to expand in the country's rapidly growing telecom market.
By PTI |
MUMBAI: Vodafone Essar, the country's third- biggest mobile player, on Friday sought more spectrum to meet the requirement of additional subscribers to expand in the country's rapidly growing telecom market.
More spectrum was need as it was the lifeline of the telecom business, Vodafone Group Plc's Chief Executive Officer (CEO) Arun Sarin told reporters here.
Sarin, who is the vice-chairman of Vodafone Essar, was in the city to attend the company's board meeting. Additional spectrum was needed as the number of subscribers was rising and they were talking more and more on mobile phones, he said.
He also said the company had no immediate plans to go in for an initial public offering (IPO) as it had plenty of resources.
The European firm holds a 52 per cent stake in Vodafone Essar while India's Essar Group holds 33 per cent. The remaining 15 per cent is held by the company's Managing Director Asim Ghosh and another shareholder Analjit Singh.
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Ravi Ruia of the Essar Group is the chairman of the company. Vodafone, world's biggest telecom services company by revenue, bought a controlling stake in Hutch Essar for $12.9 billion a few months ago.Start a SIP with as low as ₹500 with ET Money App!
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