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Vodafone Idea shares jump 14% after Rs 30,000 crore deal with Nokia, Ericsson and Samsung
2 min read | Updated on September 23, 2024, 12:36 IST
SUMMARY
In the largest deal awarded to an Indian telecom operator in 2024, Vodafone Idea won contracts of about ₹30,000 crore to Nokia, Ericsson and Samsung for supply of 4G and 5G network equipment for a period of three years. The announcement of these contracts on Monday led the company's shares to jump 14%.
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The top priority for Vodafone India is to expand the 4G coverage to 1.2 billion Indians
The stock surged 11.73% to ₹11.71 on the BSE.
At the NSE, it soared 14% to ₹11.94.
It is the largest deal awarded by any Indian telecom operator during this year.
The deal also marks the first step towards the roll-out of the company's three-year capex (capital expenditure) plan of about $6.6 billion or ₹55,000 crore announced earlier.
The supplies against these new long-term awards will start in the coming quarter.
The top priority for the company is to expand the 4G coverage to 1.2 billion Indians, the statement said.
VIL CEO Akshaya Moondra said that the company has started the investment cycle and it is on the journey of VIL 2.0.
"From hereon, VIL will stage a smart turnaround to effectively participate in the industry growth opportunities. Nokia and Ericsson have been our partners since our inception and this marks another milestone in that continuing partnership. We are pleased to start our new partnership with Samsung. We look forward to work closely with all our partners as we move into the 5G era," Moondra said.
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