IDEA

MUMBAI, March 23 (Reuters) - Indian billionaire Mukesh Ambani's Reliance Jio Platforms is gearing up to file papers seeking regulatory approvals for a Mumbai listing, in what is likely to be the biggest-ever stock offering in the country.

Here are facts and numbers on Jio Platforms, which houses the world's second-largest telecom company by users after China Mobile 600941.SS.

TELECOM BUSINESS

Reliance Jio Platforms is a unit of Ambani's oil-to-retail conglomerate Reliance Industries RELI.NS. It is most known for the telecom business - Reliance Jio Infocomm, which is the country's biggest player with more than 500 million subscribers.

Launched in 2016, the telecom business, popularly just called Jio, hit rivals such as Bharti Airtel BRTI.NS and Vodafone-Idea VODA.NS hard by offering free voice and data plans initially.

The move, in line with Ambani's typical strategy of offering cut-throat prices to lure consumers, drove up its customer base and allowed many Indians to access platforms such as YouTube and Facebook for the first time.

Jio says it currently has a roughly 60% share of India's data traffic.

In recent years, Reliance Jio Platforms has diversified beyond telecom into AI, cloud and enterprise network services, as well as app development. In 2023, Nvidia NVDA.O announced AI partnership with Reliance to develop cloud infrastructure and language models.

THE LEADERSHIP

Mukesh Ambani, Asia's richest man, is the chairman of Jio Platforms. His three children - Akash, Anant and Isha - serve on its board. Akash Ambani, his elder son, is the chairman of the company's flagship telecom unit, Reliance Jio Infocomm.

Reliance Industries holds 66.43% stake in Jio Platforms.

Kiran Thomas is the CEO of Jio Platforms.

KEY FINANCIALS, VALUATION

Reliance Jio Platforms' operating revenue in the last financial year ending March 2025 stood at $13.65 billion. But 90% of that came just from the telecom business, which the company says has grown annually by 13% since 2020-21.

Reliance Jio Platforms posted a profit after tax of $2.8 billion in the year.

In November, investment bank Jefferies estimated that Reliance Jio's valuation stood at $180 billion. Sources told Reuters in January the IPO could be worth as much as $4 billion, though final numbers will only be decided later.

MARQUEE INVESTORS

In 2020, Jio Platforms raised more than $20.5 billion from 13 global investors in exchange for a roughly 33% equity stake, at a valuation range of $57 billion to $65 billion.

Global names such as Meta Platforms META.O, Alphabet GOOGL.O and KKR invested in the firm, as Ambani sought to turn Jio Platforms into the centerpiece of his technology ambitions.

Other investors include General Atlantic, Silver Lake and the Abu Dhabi Investment Authority. Meta owns a 9.9% stake in the company, followed by Google's 7.7% stake.

THE IPO JOURNEY

The company's IPO has been long delayed. In 2019, Ambani said Jio would "move towards" a listing within five years, but later the plans were delayed in 2025.

The company has hired 17 banks to manage its offering, which will see the company raise no new funds from the public and only allow exits for some shareholders.

(Reporting by Vibhuti Sharma and Aditya Kalra; Editing by Arun Koyyur)

((Vibhuti.Sharma@thomsonreuters.com;))

** Shares of Indian telecom operator Vodafone Idea VODA.NS down 2.9% to 11.52 rupees

** J.P. Morgan downgrades stock to "underweight" from "neutral"; PT at 9 rupees - implying 24% downside to last close

** Co has "multiple hurdles to cross before the business stabilizes", brokerage says

** Says stock's outperformance is overdone as firm still awaits bank funding to drive the next leg of the capex cycle

** J.P. Morgan notes co's target of a 3x increase in cash EBITDA over 3 years "looks aggressive"

** VODA on avg rated "hold" by 19 analysts; median PT is 10 rupees - LSEG data

** YTD, VODA up 7% after gaining 35.5% in 2025

** Peers Bharti Airtel BRTI.NS down 4.3%, while Indus Tower INUS.NS up 13.3% so far this year

(Reporting by Brijesh Patel in Bengaluru)

((Brijesh.Patel1@thomsonreuters.com; Ph no. +91 9590227221;))

** Shares of Indian telecom operator Vodafone Idea VODA.NS rise 1.42% to 9.97 rupees

** Co reports narrower Q3 loss at 52.86 billion rupees ($576.89 million) from 66.09 bln rupees last year; revenue rose 1.86% y/y to 113.23 bln rupees

** VODA on avg rated "hold" by 19 analysts; median PT is 10 rupees - LSEG data

** Stock down 7.4% so far in January

($1 = 91.6300 Indian rupees)

(Reporting by Abhirami G in Bengaluru)

((abhirami.g@thomsonreuters.com))

By Aditya Kalra and Munsif Vengattil

NEW DELHI, Jan 15 (Reuters) - Billionaire Mukesh Ambani's telecom company is among those urging the government to act over what they describe as monopolistic practices at Gautam Adani's new Mumbai airport, saying the facility is blocking operators from providing mobile connectivity, according to a letter seen by Reuters.

Adani-run Navi Mumbai International Airport denied the allegations, but the dispute highlights the growing rivalry between India's two richest men, whose conglomerates increasingly compete across sectors from green energy to data centres.

The airport, located on Mumbai’s outskirts, began operations in December after being inaugurated by Prime Minister Narendra Modi. It is the latest addition to Adani’s portfolio of eight airports, with plans for more.

Within days of opening, passengers complained on social media about poor or non-existent mobile coverage and raised privacy concerns after spotting billboards offering free airport Wi-Fi.

TELECOM OPERATORS DEMAND ACCESS TO AIRPORT INFRASTRUCTURE

A January 13 letter from Cellular Operators Association of India to India's government states Adani's airport must grant access to install equipment as required by Indian regulations for public entities, which includes airports, and that a denial has created a "monopolistic bottleneck".

In its statement, Navi Mumbai International Airport said it had deployed “state-of-the-art solutions” and that operators could partner with an entity managing the airport’s in-building network infrastructure.

COAI, which represents Ambani's Reliance Jio, Bharti Airtel BRTI.NS and Vodafone Idea VODA.NS, said it had no comment beyond the letter, which is not public.

The companies and the Telecom Regulatory Authority of India, did not respond to Reuters queries.

PASSENGER DISTRESS: 'WE CAN'T CALL PEOPLE'

Jio leads India's telecom market with over 500 million subscribers, followed by Airtel at 314 million and Vodafone at nearly 128 million.

Online, passengers have voiced frustration that the airport’s Wi-Fi cannot be accessed without mobile coverage because login requires a one-time password sent via WhatsApp.

"You'll be thankful to see free Wi-Fi banners, thinking you can at least book cabs now. You go to the Wi-Fi network and try to log in, but it requires an OTP (one time password)," X user adarsxh_baab wrote on Jan. 13.

Adani's statement added that when network coverage is left to individual operators, they often provide "sub-optimal coverage" in sensitive areas such as baggage handling zones.

COAI also said the airport is demanding around $102,000 per operator each month - nearly $5 million annually for four carriers - to use its centralised network, an allegation Adani denied.

"We can't call people, pay for cabs or even book anything. If you're a solo traveller it's hell," X user Srihita Vanguri wrote on the platform on Sunday.

(Reporting by Aditya Kalra and Munsif Vengattil, Editing by Louise Heavens)

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** Telecom infra provider Indus Towers INUS.NS rises 2.6% to 439.30 rupees

** India govt's telecom due relief for Vodafone Idea VODA.NS will make way for its fundraising and network capex boosting, which will be a "big positive" for Indus Towers INUS.NS, CLSA says in note titled 'Winner of VIdea's revival'

** Brokerage says VODA's fundraising should add upside to INUS's growth of 10-11% CAGR in core revenue

** Adds, INUS's balance sheet is net cash and dividend restatement is likely

** Maintains "high conviction outperform" rating at PT 565 rupees for INUS

** Stock rated "buy" on avg by 21 analysts; median PT 462.50 rupees - data compiled by LSEG

** Stock gained about 22.5% in 2025

(Reporting by Aleef Jahan in Bengaluru)

((aleefjahan.cs@thomsonreuters.com))

** India's Vodafone Idea shares VODA.NS up 4.1% to 12 rupees

** Telecom operator unveils timeline for dues repayment, caps annual payouts

** VODA, on an avg, rated "hold" with median TP 9.6 rupees - data compiled by LSEG

** Stock jumped ~36% in 2025

(Reporting by Hritam Mukherjee in Bengaluru)

((Hritam.Mukherjee@thomsonreuters.com;))

Jan 6 (Reuters) - Vodafone Idea Ltd VODA.NS:

• VODAFONE IDEA LTD - ORDER CONFIRMS TAX PENALTY OF 87.8 MILLION RUPEES WITH INTEREST

Source text: ID:nNSE8P9H9q

Further company coverage: VODA.NS

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Jan 1 (Reuters) - Vodafone Idea Ltd VODA.NS:

• GETS TAX PENALTY OF 6.38 BILLION RUPEES

• CO DOES NOT AGREE WITH TAX PENALTY ORDER, TO TAKE LEGAL ACTION

Source text: ID:nBSE2RJQPP

Further company coverage: VODA.NS

((Reuters.Briefs@thomsonreuters.com;;))

Dec 31 (Reuters) - India has granted a five-year moratorium on adjusted gross revenue (AGR) dues owed by Vodafone Idea VODA.NS, a govt source told Reuters on Wednesday.

The relief comes months after India's top court said the government can consider the company's relief request for all of its AGR dues.

Vodafone Idea did not immediately respond to a Reuters request for comment.

(Reporting by Nigam Prusty, writing by Chandini Monnappa; Editing by Janane Venkatraman)

((Chandini.M@thomsonreuters.com; https://www.linkedin.com/in/chandini-monnappa-8a37b013b/;))

Nov 10 (Reuters) - India's Vodafone Idea VODA.NS posted a smaller-than-expected second-quarter loss on Monday, aided by more users upgrading to its higher-margin 4G and 5G plans.

The debt-saddled telecom operator's consolidated loss after tax narrowed to 55.24 billion rupees ($628.5 million) in the quarter ended September 30, from a loss of 71.76 billion rupees last year.

Analysts, on average, had expected a loss of 66.22 billion rupees, according to data compiled by LSEG.

($1 = 87.8950 Indian rupees)

(Reporting by Aleef Jahan and Anuran Sadhu in Bengaluru)

((aleefjahan.cs@thomsonreuters.com))

** India's Vodafone Idea VODA.NS tumbles 12.3% to 8.21 rupees, set for third straight session of losses

** Top loser among Nifty 500 .NIFTY500 stocks

** Drops on uncertainty over government relief on adjusted gross revenue dues

** Beleaguered telecom operator's stock hit one-year high of 10.57 rupees on Monday on hopes of a relief after apex court permitted government to reconsider the matter

** "The Supreme Court order applies only to the incremental AGR demand. It depends on the government now. Unless there is a substantial relief, it is not going to make a major difference for Vodafone Idea's stock," says Piyush Pandey, lead analyst tracking the telecom operator at Centrum India

** Analysts on avg rate stock "hold"; median PT at 6.25 rupees, per data from LSEG

** YTD, VODA up 3.4%

(Reporting by Vivek Kumar M)

((VivekKumar.M@thomsonreuters.com;))

Oct 6 (Reuters) -

• INDIA WEIGHS RESOLUTION OF VODAFONE DUES ROW TO BOLSTER UK TIES - BLOOMBERG NEWS

Source text: https://tinyurl.com/3ndtd6me

Further company coverage: VOD.L

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Oct 3 (Reuters) - Indian wireless carrier Vodafone Idea VODA.NS said on Friday it has appointed Tejas Mehta as its chief financial officer, effective October 6.

Mehta, who was previously the finance chief at Mondelez India, replaces Murthy Gvas who ends his tenure on October 5.

In August, insider Abhijit Kishore replaced CEO Akshaya Moondra as his term ended.

(Reporting by Urvi Dugar; Editing by Krishna Chandra Eluri)

((UrviManoj.Dugar@thomsonreuters.com;))

** Shares of Vodafone Idea VODA.NS down 6% to 8.2 rupees

** India's top court defers hearing VODA's plea over additional telecom dues to Oct 6, Moneycontrol says

** The telecom operator seeks to quash fresh demand of telecom dues worth 94.5 billion rupees ($1.1 billion) from government

** Hearing deferred following government seeking more time to respond to VODA's plea

** Stock set to fall most in a session in a month

** VODA on track to snap three straight weeks of gains

** Avg rating of 19 analysts is "hold" and median PT is 7 rupees - data compiled by LSEG

** YTD, VODA up ~9%

($1 = 88.6900 Indian rupees)

(Reporting by Anuran Sadhu in Bengaluru)

((Anuran.Sadhu@thomsonreuters.com; +91 8697274436;))

Sept 19 (Reuters) - Vodafone Idea Ltd VODA.NS:

• VODAFONE IDEA LTD - CHALLENGED ADDITIONAL AGR DEMANDS RAISED BY DEPARTMENT OF TELECOMMUNICATIONS

• VODAFONE IDEA LTD - SUPREME COURT HEARING ON AGR MATTER SET FOR SEPT 26

Source text: ID:nBSEbF3LD7

Further company coverage: VODA.NS

((Reuters.Briefs@thomsonreuters.com;;))

Sept 18 (Reuters) - Tata Consultancy Services Ltd TCS.NS:

• TCS - PARTNERED WITH VODAFONE IDEA TO TRANSFORM THEIR BUSINESS SUPPORT SYSTEM

• TATA CONSULTANCY SERVICES LTD - FIVE-YEAR ENGAGEMENT TO HELP VI UNLOCK NEW CAPABILITIES

Source text: ID:nnAZN4JFW6G

Further company coverage: TCS.NS

((reuters.briefs@thomsonreuters.com;))

By Khushi Malhotra and Dharamraj Dhutia

MUMBAI, Aug 26 (Reuters) - India's Vodafone Idea Telecom Infrastructure, a wholly owned subsidiary of telecom operator Vodafone Idea VODA.NS, is in talks to raise up to 50 billion rupees ($569.5 million) through a debt sale in September, three sources familiar with the matter said on Tuesday.

The unit of India's third-largest wireless carrier plans to issue bonds with tenors of two and three years, raising 30 billion rupees and 20 billion rupees, respectively, the sources said.

The company is expected to tap private credit funds for the issue, and offer coupons of around 12% and 14% on two-year and three-year bonds, two of the sources said.

"The funds would be used for fresh capex as the company wants to expand," one of the sources said.

All the sources requested anonymity as they are not authorised to speak to media. Vodafone Idea declined to comment on the matter.

In May, Vodafone-Idea, led by billionaire Kumar Mangalam Birla, received board approval to raise 200 billion rupees through equity or loans.

The company also aims to further expand its 5G services to additional key cities across 17 priority circles by September 2025, it said on an earnings call earlier this month.

Vodafone Idea has struggled to pay outstanding spectrum and revenue-sharing dues since a landmark 2019 Supreme Court ruling widened the definition of revenue used to calculate payments.

To support the loss-making carrier, the government in April converted part of its spectrum dues into equity, raising its stake in the company to 48.99%.

($1 = 87.75 Indian rupees)

(Reporting by Khushi Malhotra and Dharamraj Dhutia; Editing by Anil D'Silva)

((khushi.malhotra@thomsonreuters.com,))

** Shares of Vodafone Idea VODA.NS rise as much as 9.5% to 7.17 rupees, set for biggest one-day jump since April 21

** NDTV Profit reports citing sources that government may slash telecom dues for co, Bharti Airtel BRTI.NS

** BRTI is up 0.25%

** If approved, VODA's dues will be reduced to 280 billion rupees ($3.2 billion) from 834 billion rupees, while BRTI's dues will fall to 100 billion rupees from 420 billion rupees, the report said

** VODA, BRTI and the India government did not immediately respond to a Reuters' request for comment

** VODA shares are down 10.5% in 2025, while BRTI has gained 22%

($1 = 87.5000 Indian rupees)

(Reporting by Nishit Navin in Bengaluru)

((nishit.navin@thomsonreuters.com))

** Vodafone Idea VODA.NS gains 4.7% to 6.44 rupees; marks biggest intraday pct gain in more than a month

** Co posts smaller-than-expected Q1 loss as telecom operator continues to benefit from last year's price hikes

** Appoints insider Abhijit Kishore as CEO effective August 19

** Stock rated "hold" on avg; median PT is 7 rupees, per data compiled by LSEG

** YTD, VODA falls 18.9% vs Bharti Airtel's BRTI.NS 18.7% gains

(Reporting by Aleef Jahan in Bengaluru)

((aleefjahan.cs@thomsonreuters.com))

June 20 (Reuters) - Vodafone Idea Ltd VODA.NS:

• VODAFONE IDEA - PROMOTERS WILL CONTINUE TO HAVE OPERATIONAL CONTROL

• VODAFONE IDEA - SIGNIFICANT HEADROOM IN ARPU SINCE IT HAS NOT INCREASED IN LINE WITH USAGE

• VODAFONE IDEA - SUFFICIENT SPECTRUM AVALIABLE TO SUPPORT 4G SUBSCRIBER MIGRATION TO 5G

• VODAFONE IDEA - HIGH SPECTRUM PER MILLION SUBS EXPECTED TO DRIVE NEAR TERM GROWTH

Source text: ID:nBSEbLRkS7

Further company coverage: VODA.NS

((reuters.briefs@thomsonreuters.com;))

Updates

** India's Vodafone Idea VODA.NS drops 8.2% to 6.80 rupees; on course to snap three-session gaining streak

** India's Supreme Court dismisses VODA's plea seeking court's help for government rejecting to waive its telecom dues

** VODA dropped 5% in early trade after it asked Supreme Court to intervene "in public interest" after government rejected request to waive over $5 bln dues

** CEO Akshaya Moondra says, "no support will lead to a point of no return" and Vodafone "will not be able to operate beyond FY26"

** Analysts on average rate VODA "hold"; median PT 7.85 rupees, as per LSEG data

** YTD, stock down ~14% vs ~15% gain in rival Bharti Airtel BRTI.NS

(Reporting by Kashish Tandon and Vivek Kumar M)

((VivekKumar.M@thomsonreuters.com;))

May 2 (Reuters) - Vodafone Idea Ltd VODA.NS:

• VODAFONE IDEA LTD - AMENDS SHAREHOLDERS' AGREEMENT QUALIFYING THRESHOLD TO 10%

• VODAFONE IDEA - STAKE OF ADITYA BIRLA GROUP, VODAFONE GROUP STANDS AT 9.50%, 16.07% RESPECTIVELY

Source text: ID:nBSE9cq13y

Further company coverage: VODA.NS

((reuters.briefs@thomsonreuters.com;))

April 8 (Reuters) - Vodafone Idea Ltd VODA.NS:

• ALLOTS 36.95 BILLION SHARES TO GOVERNMENT OF INDIA

• GOVERNMENT OF INDIA SHAREHOLDING IN VODAFONE IDEA AT 48.99%

Source text: ID:nBSE7lLKVh

Further company coverage: VODA.NS

((Reuters.Briefs@thomsonreuters.com;;))

Adds details, background and analyst comments from paragraph 4

April 1 (Reuters) - Indian telecom company Vodafone Idea's VODA.NS shares rose 20% on Tuesday after the country's government said it would convert a part of the firm's outstanding spectrum auction dues into equity, giving it a lifeline amid its struggles with its debt load and better-funded rivals.

Its shares were last up 20% at 8.16 rupees, on track for their biggest one-day gain in 15 months.

The government's stake in Vodafone Idea will increase to 48.99% from 22.6% after it converts 369.5 billion rupees ($4.32 billion) of the dues, the company said late on Sunday.

Vodafone Idea's current spectrum dues are estimated at $18 billion, while its net debt stood at $25 billion as of September 2024, brokerage firm CLSA said.

Analysts said this move will offer relief to Vodafone Idea, which has been hit harder than its larger rivals Reliance Jio RELJ.NS and Bharti Airtel BRTI.NS from high spectrum dues along with its heavy debt.

The government's decision eases concerns for the company's repayments in fiscal year 2026 and also improves the outlook for raising debt, Nomura analysts said.

CLSA analysts echoed Nomura's comments, adding that the conversion of spectrum dues to equity will take care of Vodafone Idea's repayments till calendar year 2027.

The company's moratorium on spectrum and adjusted gross revenue (AGR) dues ends in September. While the Supreme Court rejected its plea to recalculate AGR dues last year, analysts at Ambit Capital said they believe the conversion opens doors for potential government relief.

Vodafone Idea's AGR dues are currently estimated to be roughly $8 billion, per CLSA.

Analysts also said the move will help Vodafone Idea meet its targeted capital spending of 500-550 billion rupees by fiscal year 2028 to ramp up efforts to boost customer retention through expanded 5G trials, competitive tariff plans and improved network coverage.

Shares of Indus Towers INUS.NS, to which Vodafone owes 50-60 billion rupees, rose about 7% as analysts said they expect the company to be a key beneficiary of the move.

($1 = 85.5160 Indian rupees)

(Reporting by Manvi Pant in Bengaluru; Editing by Savio D'Souza and Varun H K)

((Manvi.Pant@thomsonreuters.com; +918447554364;))

March 30 (Reuters) - The Indian government will increase its stake in Vodafone Idea VODA.NS to approximately 48.99% by converting 369.5 billion rupees ($4.3 billion) in outstanding spectrum auction dues into equity, a regulatory filing from the company showed on Sunday.

The Ministry of Communications has directed Vodafone Idea to issue 36.95 billion shares at 10 rupees each, the filing said, boosting the government's stake from 22.6%. The government is already the largest shareholder in the telecom company, according to LSEG data.

Vodafone Idea - formed by a merger between the Indian arm of the UK's Vodafone Group VOD.L and Aditya Birla Group's Idea Cellular in 2018 - said its initial investors will continue to have operational control despite the increased government stake.

The move aligns with the government's September 2021 relief package announced for the telecom sector.

In December, the company announced a plan to raise up to 19.80 billion rupees through the issue of preferential shares.

As of September 2024, the debt-saddled firm's total debt pile stood at 2.16 trillion rupees, including deferred spectrum payment obligations it owes to the government.

The company in February reported a smaller-than-expected third-quarter loss.

($1 = 85.5340 Indian rupees)

(Reporting by Pretish M J and Nilutpal Timsina in Bengaluru; Editing by David Holmes)

((PretishMJ@thomsonreuters.com; +91 8056974974;))

Adds context, details from paragraph 2 onwards

March 26 (Reuters) - India's Bharti Airtel BRTI.NS and its unit Bharti Hexacom BHAX.NS have prepaid 59.85 billion rupees ($698.33 million) to the government, fully clearing "high-cost" liabilities from the 2024 spectrum auctions, the telecom company said on Wednesday.

Airtel, the country's no.2 telecom firm by user base, has been prepaying high-cost spectrum dues that it and other Indian telecom operators owe the government, following years of high-stakes auctions and aggressive bidding for airwaves.

The latest payment has trimmed Airtel's debt pile related to spectrum to 520 billion rupees, bringing down the cost of debt to 7.22%, the company said.

Airtel's early payments now total 666.65 billion rupees ($7.78 billion), it said, adding that it has settled liabilities with interest rates of 10%, 9.75%, and 9.3% about seven years before their average maturity dates.

The latest payment was made for liabilities that carried an interest rate of 8.65%, Airtel said, without specifying when the debt was previously due.

Peer Vodafone Idea VODA.NS owes about 1.42 trillion rupees in spectrum dues as of September 2024.

Another Airtel subsidiary, Network i2i, also redeemed $1 billion in perpetual debt securities - a debt instrument with no fixed maturity date - reducing the company’s outstanding perpetual notes to $479 million, the telecom company said.

Airtel's shares closed 0.5% higher on Wednesday after the announcement.

($1 = 85.7050 Indian rupees)

(Reporting by Aleef Jahan in Bengaluru; Editing by Janane Venkatraman)

((aleefjahan.cs@thomsonreuters.com))

March 25 (Reuters) - Vodafone Idea Ltd VODA.NS:

• VODAFONE IDEA - SIGNS MOU WITH WEST BENGAL GOVERNMENT. TO OFFER DIGITAL ADVISORY TO MSMES

Further company coverage: VODA.NS

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