In a major sell-off, Nokia sold its stake in Vodafone Idea for INR 785.67 crore. The sum represented Nokia Solutions’ entire 0.95 percent stake in the Indian telco.
The telco gear vendor sold off its 1.03 billion shares in the operator that cost INR 7.56 each. In the transaction, Goldman Sachs (Singapore) bought the majority of the shares, that is, 0.55 percent equity in VI. The company purchased shares worth INR 457.96 crore.
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The Swiss firm had received 102.7 crore shares in 2023 for Rs 14.80 per share in VI’s deal to pay dues to Nokia and Ericsson. Later, Nokia boasted a 1.47 percent stake in the operator, which got diluted to 0.95 percent after the Indian government raised its investment.
The Indian government now owns a 49 percent stake in the telco. VI expects to get INR 40,000 crore in the next three years, which will ease the company’s financial struggles.
Vodafone Idea is currently focusing on 5G expansion after its beta launch in Mumbai. The company is seeking to leave its financial constraints behind and accelerate 5G service across the country.