Vodafone-Idea Limited (VIL), in a statement, denied reports of closing down six exiting circles, namely, Bihar, Himachal Pradesh, Odisha, Jammu & Kashmir, North-East and Assam, The Economic Times reports.
Earlier, a Bank of America Merril Lynch report said that the teleco was likely to exit the six circles in C-Circle after consequently losing revenue market share with share below 20 per cent.
According to financial investment management company- JM Financial, Idea lost revenue share in most of the circles where the merger of Vodafone and Idea had happened.
JM also said that telecom sector entrant Reliance Jio, which overtook Vodafone-Idea to become India's largest operator at the expense of VIL and other smaller telecoms.
“We categorically deny and dismiss this speculation as completely baseless and factually incorrect. Vodafone Idea remains committed and will continue to serve its millions of customers in these circles,” the VIL said.
As you are no doubt aware, Swarajya is a media product that is directly dependent on support from its readers in the form of subscriptions. We do not have the muscle and backing of a large media conglomerate nor are we playing for the large advertisement sweep-stake.
Our business model is you and your subscription. And in challenging times like these, we need your support now more than ever.
We deliver over 10 - 15 high quality articles with expert insights and views. From 7AM in the morning to 10PM late night we operate to ensure you, the reader, get to see what is just right.
Becoming a Patron or a subscriber for as little as Rs 999/year is the best way you can support our efforts.