Vodafone India has received an approval from its parent company, UK-based Vodafone Plc, to borrow an amount of Rs 150 billion in 2014-15. These funds are likely to be used for the acquiring spectrum in the upcoming auctions in the 900 MHz and 1800 MHz bands.
Vodafone India’s seven licences in the 900 MHz spectrum band and three in the 1800 MHz band are set to expire in 2015 and the company will be required to buy back spectrum in the auctions to continue operations in these bands in select circles.
The company has also reaffirmed that the public listing will occur only after its $2-billion tax dispute with the Indian government is settled. The tax dispute pertains to Vodafone's acquisition of Hutchison Essar's 67 per cent for $11.2 billion in 2007.
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