Vodafone Idea share jumps 14% after Rs 30,000 crore deal with Nokia, Sony Ericsson and Samsung.
Vi Deals with Sony Ericsson, Nokia and Samsung
Vodafone Idea secured contracts worth over ₹30,000 crore with Nokia, Ericsson, and Samsung for the provision of 4G and 5G network equipment over a three-year period, in the largest deal given to an Indian telecom operator in 2024. The company’s shares increased 14% after these contracts were announced on Monday.
Vodafone Idea’s stock price increased by 14% on Monday following the company’s ₹30,000 crore contract awards to Nokia, Ericsson, and Samsung for the provision of 3 years’ worth of 4G and 5G network equipment.
On the BSE, the stock shot up 11.73% to ₹11.71.
It surged 14% to ₹11.94 at the NSE.
This year, it is the biggest contract that any Indian telecom company has given out.
Additionally, the transaction represents the beginning of the company’s three-year, roughly $6.6 billion (₹55,000 crore) capital expenditure strategy.
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Vodafone Idea (VIL) and Nokia, Ericsson, and Samsung have reached an enormous agreement worth over $3.6 billion (almost ₹300 billion) for the provision of network equipment over a three-year period. The business said in a statement on Sunday that the goal of the capital expenditure program is to introduce 5G in strategic markets, increase capacity in tandem with data growth, and increase the number of people covered by 4G from 1.03 billion to 1.2 billion.
Beginning in the upcoming quarter, supplies will be made against these new long-term rewards.
According to the statement, the company’s top aim is to reach 1.2 billion Indians with 4G service.
According to VIL CEO Akshaya Moondra, the business has begun its investment cycle and is moving towards becoming VIL 2.0.
“VIL will now execute a shrewd comeback to fully capitalise on the expansion prospects in the business. Since our founding, Nokia and Ericsson have been our partners, and this is yet another significant development in that ongoing relationship. We are excited to begin working with Samsung in this new alliance. As we enter the 5G era, we are excited to collaborate closely with all of our partners,” Moondra stated.
Shubhangi Gupta is a distinguished content writer and the visionary founder of The Unpleasant – Acha Nahi Sabse Sacha. With a Master’s degree in Commerce from University of Lucknow, Shubhangi has seamlessly blended her academic background with her passion for reading and writing, embarking on a successful career as a content writer since 2019.
