Vodafone pays India unit $200 million to comply with obligations

UK-based Vodafone Group said it has accelerated a payment of $200 million to Indian telco Vodafone Idea, which was due in September 2020 under the terms of the contingent liability mechanism (CLM) with Vodafone Idea.

“ Vodafone Group has accelerated this payment to provide Vodafone Idea with liquidity to manage its operations, and to support the approximately 300 million Indian citizens who are Vodafone Idea customers as well as the thousands of Vodafone Idea employees during this phase of emergency health measures, taken as a result of the COVID-19 pandemic,” said the company in a statement.

Vodafone Idea manages around 300 million odd customers and almost 14,000 employees.