India: Vodafone Idea denies talks to sell assets to Brookfield, Edelweiss

Key Speakers At The Brookfield Asset Management Inc. Annual General Meeting Photo: Bloomberg

Vodafone Idea Ltd on Wednesday denied holding talks with Brookfield Asset Management Inc to sell its optic fibre business and its data centre to the Edelweiss Group.

According to a report by The Economic Times, Vodafone Idea is said to be in talks with Brookfield and Edelweiss to monetise some of its assets, as the telecom company seeks to raise over $2.5 billion from asset sales ahead of a January deadline to pay statutory dues.

“The company is in talks with global asset manager Brookfield to sell its 156,000 km of optic fibre assets and Bank of America and Morgan Stanley are the bankers helping Vodafone negotiate with potential buyers,” the report said, quoting sources. There are other few players, who are also in talks, the report said.

In case a final decision is taken for monetisation of assets, the company will notify the stock exchanges.

“In the event that any such decision is taken by the board of directors, the company will promptly make the necessary disclosure to the stock exchanges in compliance with the Securities and Exchange Board of India (SEBI) regulations, 2015,” the company said.

Vodafone Idea will have to shell out more than 53,000 crore in dues and penalties to the department of telecommunications (DoT) as a Supreme Court verdict in October ruled against the telcos’ definition of adjusted gross revenue (AGR). The telecom operators have sought a review of the 24 October order, which stated that the dues should be cleared within three months.

This article was first published on livemint.com.

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Following vacancies can be applied for (only in Singapore).   

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.