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Monday, June 24, 2024

Vodafone Idea raising funds and subsidizing 5G devices: Nokia’s stance

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In Short:

Vodafone Idea, a major telecom company in India, has approved a fundraising of Rs 45,000 crore to save the company from financial troubles. Nokia, a major telecom gear vendor, hopes that Vi will be able to raise funds as it owes Nokia Rs 3,000 crore. Nokia is also looking to subsidise 5G devices in India to increase adoption, as Reliance Jio is set to release an affordable 5G phone.

vodafone idea fundraising and subsidising 5g devices

Vodafone Idea’s Fundraising and Industry Impact

Vodafone Idea (Vi) has recently received approval from its board for a fundraising of Rs 45,000 crore. This move is critical for Vi’s future as it will not only affect the company itself but also its business ties with major industry players such as Nokia, which is owed about Rs 3,000 crore by Vi.

Sandeep Saxena, head of technology and solutions at Nokia India, expressed optimism regarding Vi’s fundraising and emphasized the importance of having more than two major players in the industry offering services.

Nokia’s Initiatives on Subsidising 5G Devices

Nokia recently released its Mobile Broadband Index (MBiT) report for 2024, revealing that 17% of active 4G devices in India are 5G capable. To boost the adoption of 5G phones, subsidizing these devices is considered essential.

Amit Marwah, CMO at Nokia, stressed the need for subsidizing mobile devices in India to drive consumer adoption of 5G technology. In line with this, Reliance Jio is working on launching a budget-friendly 5G phone with a Qualcomm Snapdragon chip later this year.

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