Vodafone Idea surges by 20% after government floats relief package
The Hindu
The package comes at a time when the sector has been reeling from the entry of Mukesh Ambani’s Reliance Jio.
Shares of Vodafone Idea Limited surged by nearly 20% on Thursday while banks with exposure to the embattled telecom firm also climbed, a day after India’s federal cabinet approved a relief package for the cash-strapped sector.
The relief package includes a four-year moratorium on airwaves payments due to the government raising the tenure of airwaves held by firms to 30 years from 20, and the complete freesharing of spectrum between carriers.
The government will also change the contentious definition of adjusted gross revenue (AGR) to count only telecom revenue, after long holding that even companies’ non-telecoms revenue was a part of AGR – amounting to a bill of roughly $13 billion for wireless carriers.
According to BACL, the biophilic-inspired business park will offer smart workspaces within a vibrant public realm. The project’s most exceptional and breathtaking attribute lies in the Urban Forest, a lush oasis in the centre of the development. This green space will serve as a focal point, seamlessly blending indoor and outdoor spaces throughout the area. The upcoming metro station in Airport City will provide seamless connectivity to the business park from the northern side, ensuring convenient accessibility.