Thursday, February 2, 2017
New Competition in India Rocks Vodafone
Vodafone Group reported a 1.7% year-on-year rise in service revenue on an organic basis for the quarter ending December 31, lifted by 0.7% growth in Europe and 3.9% growth in Africa, Middle East and Asia-Pacific (AMAP). Reported group revenue fell 3.9% to 13.69 billion British pounds (17.19 billion US dollars).
Vittorio Colao, CEO, said: "In AMAP, our strong organic performance in South Africa and Turkey was partially offset by India, where the sector is affected by free services from the new entrant. We anticipate intense competitive pressure in India in the fourth quarter and are taking a series of commercial actions, including the extension of 4G services to 17 leading circles. As announced earlier this week, we have also entered discussions with the Aditya Birla Group about an all-share merger of Vodafone India and Idea." source: Vodafone statement
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