India surges as Europe remains sluggish.
INDIA is playing a key role in propelling the growth of global telecom giant Vodafone Group as its European business continues to remain sluggish, the company stated on Thursday.
While the European business declined 9.6 per cent for the three months ended December 2013, India service revenue increased 13.2 per cent on an organic basis driven by customer growth, higher voice usage, improved voice pricing and a doubling of data usage, the company said in a statement. Vodafone India was one of the fastestgrowing subsidiaries for the Vodafone Group.
Vodafone Group's revenue fell 3.6% in Q3
Vodafone chief executive Vittorio Colao admitted in London that the Group's " emerging market businesses are growing strongly" adding " conditions in Europe are still difficult". He added that Vodafone is optimistic over the Group's revenue performance improving as regulatory headwinds ease and customer appetite for video and content services increases.
Vodafone India added 49 lakh mobile customers in the three- month period to take its total to 16 crore at the end of December, an increase of 8.8 per cent. Mobile Internet usage by its customers more than doubled. Usage of 3G on the company's network averaged more than 700 megabytes a month in India. Vodafone said that it had 4.5 crore active data customers, including 52 lakh 3G subscribers, at the end of December. Vodafone added over 2,000 3G sites during the quarter.
Vodafone Group's revenue declined 3.6 per cent to Au 10,977 million in the third quarter while on an organic basis, it fell 4.3 per cent.
The Group's revenue from services was down 3.3 per cent to Au 9,856 million. Service revenue from Africa, Middle East and Asia Pacific grew 5.5 per cent on an organic basis after increase in the customer base, usage and pricing strategies. Growth was led by strong performances in India, Qatar, Turkey and Ghana, and a robust performance in Vodacom, the company said.
Growth was led by strong performances in India, Qatar, Turkey and Ghana, and a robust performance in Vodacom
` 10,141- CR FDI PLAN GETS CCEANOD
UK- based Vodafone secured the Cabinet's approval on Thursday to buy out minority shareholders in its Indian arm for ` 10,141 crore It is the single- largest foreign investment in the domestic telecom sector After this, Vodafone India will be the first telecom operator to be fully owned by a foreign firm Vodafone, which entered India in 2007 by buying Hutchison Whampoa in Hutchison- Essar Ltd in a $ 11- billion deal, directly holds 64.38% stake in Vodafone India The approval would result in foreign investment of approximately ` 10,141 crore being received in India The Group will buy remaining outstanding shares from minority shareholders Ajay Piramal ( 10.97%) and Analjit Singh ( 26.45%) Vodafone Group Plc will pay Singh ` 1,241 crore and Piramal Enterprises ` 8,900 crore for their stakes in Vodafone India
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|Publication:||Mail Today (New Delhi, India)|
|Date:||Feb 7, 2014|
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