Japanese telecom gaint Softbank recorded a loss of $350 million for last nine months of 2016 in the fair value of the Company’s investments in India. The loss comes on top of a $555 million writedown on the value of Softbank’s India portfolio in the six-month period ending September 2016. “With reference to the current markdown, portfolio…
It’s a clash of the moneybags, with Vodafone India aiming to pay back Reliance Jio Infocomm in its own coin as the spectrum auction enters its last leg with overall bids reaching Rs 107,709 crore, crossing the previous record set in 2010.
After Jio pushed Vodafone India, Bharti Airtel and Idea Cellular into a bidding war for the 900 MHz band, a move aimed at draining their resources, the local unit of Vodafone, backed by its deep-pocketed UK parent, is doing the same thing: pushing prices up in the 800 MHz CDMA band which is being sought by Mukesh Ambani-controlled Jio to deploy 4G in future, people tracking the auctions said.
“Vodafone could be aiming to get some 3G spectrum at reasonable prices. This is what Jio could be aiming for too,” one of the people said. “The strategy seems to be drain a rival financially, reducing competitiveness in another band which it actually intends to buy.” The operators didn’t respond to emails from ET seeking comment. Original post at ET Telecom