Since its entry in India in 2007, the company has become the top two operators in the country, but the journey of the troubled Indian Vodafone has been loud as it is a legal battle that is locked with the government over a two billion dollar tax claim over its addition of Vodafone India from Hutchison in 2007.
The value of a business was written down by five billion pounds late last year. The British company has fueled to more than seven billion dollars into the India unit. The company is fully owned by Vodafone Group plc.
Idea rose as much as 29%, the most since the shares started trading in 2007, taking the company’s market valuation above five billion US dollars. Vodafone received as much as four percent.
In a different BSE filing, Idea Cellular said it is currently planning to increase 500 crores through non – convertible debentures to the basis of the private placement.