Vodafone Idea in critical state, value cut to zero after SC’s AGR ruling: Nick Read, Vodafone CEO

Vodafone Group chief executive Nick Read described the status of its joint venture in India as “critical” in the wake of a Supreme Court order that left the telecom company facing thousands of crores in additional statutory dues. The unit’s “carrying value” had been reduced to zero, he said, while also citing “unsupportive regulation (and) excessive taxes.”

Read said the Vodafone Group won’t infuse any further equity into Vodafone Idea Ltd (VIL), having written down the value of its joint venture with the Aditya Birla Group to zero after the Supreme Court ruling on adjusted gross revenue (AGR).

‘Significant Uncertainties Exist’