South Africa

Business Maverick: Vodafone Idea Says Going Concern Depends on Court, Lenders

Vodafone Idea Ltd., the troubled Indian wireless carrier facing a government demand for $7.7 billion in back fees, reported a wider-than-estimated quarterly loss and said continuing as a going concern depends on the outcome of talks with lenders and a court decision on scheduling the government dues.

Net loss was 116 billion rupees ($1.5 billion) in the three months ended March, the country’s No. 3 mobile phone carrier said late Tuesday. That compares with the 50 billion rupees net loss average of analyst estimates.

The operator, formed by the merger of Vodafone Group Plc’s local unit with billionaire Kumar Mangalam Birla’s Idea Cellular Ltd., hasn’t reported a profit since the deal was announced in 2017. Birla warned in December that the venture was headed for insolvency in the absence of any government relief with the dues.

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