American multinational telecommunication giant Verizon and Amazon may invest more than $4 billion (approximately Rs. 29,354 crores) for a stake in Vodafone Idea, the Mint newspaper reported on Thursday i.e. 3rd Sept. 2020, sending shares in the struggling telecom firm up 10 percent.

Vodafone Idea’s stake-sale talks had been paused pending the outcome of a court hearing in India, which created uncertainty and could have threatened Vodafone Idea’s survival, Mint reported, citing two unnamed people aware of the negotiations.

Mint reported

It has paid the Indian government 78.5 billion rupees ($1.1 billion) in telecoms dues, according to regulatory filings, but still owes roughly 500 billion rupees ($6.8 billion) more.

But Amazon and Verizon are set to resume discussions following a Supreme Court ruling on Tuesday which gave mobile carriers 10 years to settle government dues.

The Company has paid the DOT (Department of Telecommunications) Rs. 7,854 crores in telecoms dues, according to regulatory filings, but still owes approximately Rs. 50,000 crores more.

The Company has paid the DOT (Department of Telecommunications) Rs. 7,854 crores in telecoms dues, according to regulatory filings, but still owes approximately Rs. 50,000 crores more.

Shares in Vodafone Idea, which ended 14 percent lower after Tuesday’s court ruling, were up eight percent at Rs. 10.70 on the NSE index by 04:05 GMT.

Vodafone-Idea Clarification

Vodafone Idea said on Thursday (4th Sept. 2020) its board had no investment proposal to consider from Verizon Communications or Amazon.