If Vodafone-Idea is closed, then 28 crore customers and these 8 big banks of the country will be affected, know the whole matter

If Vodafone-Idea is closed, then 28 crore customers and these 8 big banks of the country will be affected, know the whole matter

In fact, the debt of the company is increasing, as well as the problems have increased due to the end of new investment. Due to which Vodafone-Idea Chairman Kumar Magalam Birla had offered to sell his stake in the company to the government.

With Vodafone Idea, their problems may also increase.

India’s telecom sector is in discussion these days. Especially about Vodafone-Idea. In fact, due to the increasing losses of the company and the closure of new investments, the difficulties of the company are increasing. Even the company’s chairman Kumar Mangalam Birla has resigned from his post. Despite all the efforts, the difficulties of the company are increasing instead of decreasing. In such a situation, if the company is closed, then its effect will be on 28 crore customers of the company, as well as its effect will be seen on 8 big banks of the country.

With the increase in the difficulties of Vodafone Idea, 8 big banks of the country including SBI will also be affected. Actually, the company has a debt of Rs 1.80 lakh crore, which it has taken in different ways. This also includes exposure to banks. If Vodafone Idea is shut down, a hefty amount of these banks may also default.

how much stake in which bank

Bank Amount Percentage (of total loan)
IDFC Bank 3240 crore 2.90%
This bank 4,000 crore 2.40%
PNB 3,000 crore 0.44%
SB I 11,000 crore 0.43%
ICICI 1,700 crore 0.23%
Axis Bank 1,300 crore 0.21%
HDFC bank 1,000 crore 0.09%
indusind bank 3,500 crore 1.65%

28 crore customers also affected

If Vodafone Idea is shut down, then its effect will also be seen on a large mobile customer of the country. Vodafone Idea has a huge customer base which is around 28 crores. If the company is closed, then it is natural that the number of these customers will be closed. However, other companies like Jio, Airtel can definitely get the benefit of this. Because they would like to capitalize on this large customer base.

Why is there talk of closure

In fact, the debt of the company is increasing, as well as the problems have increased due to the end of new investment. Due to which Vodafone-Idea Chairman Kumar Magalam Birla offered to sell his stake in the company to the government. But he resigned after no response from the government. After the resignation of Birla, it is gaining momentum that whether the company is going to be closed now. However, the CEO of Vodafone India has assured his employees that there is no need to panic. The matter is all under control. But the figures are giving a different testimony.

Merger did not solve the problem

Vodafone Idea is going through a serious financial crisis. His efforts to raise funds have failed. Birla had recently demanded an immediate government package to bail out the debt-ridden company. Vodafone India and Idea Cellular merged on August 31, 2018. Since then this company is continuously in loss, it has a debt of Rs 1.80 lakh crore. Voda was merged with Idea so that the difficulties could be reduced but instead of decreasing, it kept on increasing.

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