Kumar Mangalam Birla<\/a> is stepping down from the Vodafone Idea<\/a> board. Is it a sign of what is to come for Vodafone Idea and how tough is it for telecom players to operate in such an environment?
<\/strong>They are facing challenges with respect to payments for spectrum and there is increased competition because of Jio. I do not think the future is uncertain. It is looking pretty certain in terms of the large payments which have to be made for spectrum use of past years. Unless they can hugely capitalise and then compete which looks quite difficult given the kind of numbers involved and the fact that they are not able to get the right kind of equity investments to scale up that size. Things look dismal for the time being and globally also, most telecom circles typically end up as duopolies. It is almost a natural state of play for telecom operators. The next step for Birla seems to be to completely write-off their investments in the joint venture.
What can Kumar Mangalam Birla stepping down mean -- approaching NCLT and winding up, selling out to another investor, Vodafone PLC<\/a> taking a bigger stake?
<\/strong>
Neither of the two current promoters appear interested in capitalising the entity but nobody would want to invest such an overwhelming amount of money. I really do not see a choice. Even if a white knight comes, he will want return on capital and unless they get such an overwhelming dose of not just capital but of optimism, I do not think they are going to. With the existing shareholders exiting or writing down their investments, I really do not see that happening. From my perspective, it seems like the end of the road and they will probably have to file for winding up at some stage.
Given the fact that it could be the end of the road for Vodafone Idea, let us take a look at some of the banks that have big exposure to Vodafone, for example IndusInd Bank<\/a>, PNB, SBI and Yes Bank<\/a>. Do you think the going will get tough for the Indian banking system as well?
<\/strong>I really do not want to comment on banks’ exposure but there could be substantial write-downs for all the lenders to this entity. It seems to be a natural corollary.
If that were to take place, would not competition now be a big challenge?
<\/strong>I am not even getting into that question. My point is telecom and airlines are very different industries. In fact, telecom is quite different from most of the industries in the sense that in an airline, you can write off part of the debt, you can write off the equity completely and instead of 100 airplanes, can restart with five. That is not possible for telecom. You cannot have a shrunk Vodafone which will continue to exist. So, I do not see why either of the competitors would buy a company with such massive debts. I really do not see much scope for white knight.
<\/body>","next_sibling":[{"msid":85059501,"title":"Shares of Vodafone Idea plunge another 20%","entity_type":"ARTICLE","link":"\/news\/shares-of-vodafone-idea-plunge-another-20\/85059501","category_name":null,"category_name_seo":"telecomnews"}],"related_content":[{"msid":"85059173","title":"Sandeep Parekh, Finsec Law-1200","entity_type":"IMAGES","seopath":"markets\/expert-view\/it-seems-to-be-end-of-the-road-for-voda-idea-sandeep-parekh\/sandeep-parekh-finsec-law-1200","category_name":"It seems to be end of the road for Voda Idea: Sandeep Parekh","synopsis":false,"thumb":"https:\/\/etimg.etb2bimg.com\/thumb\/img-size-147045\/85059173.cms?width=150&height=112","link":"\/image\/markets\/expert-view\/it-seems-to-be-end-of-the-road-for-voda-idea-sandeep-parekh\/sandeep-parekh-finsec-law-1200\/85059173"},{"msid":"85032397","title":"Vodafone Idea shares plunge 18%. Here's why","entity_type":"ARTICLE","seopath":"markets\/stocks\/news\/vodafone-idea-shares-plunge-18-heres-why","category_name":"News","synopsis":"Vodafone Idea shares nosedived on BSE also after the government reportedly said it has no plans to respond to Aditya Birla Group chairman Kumar Mangalam Birla\u2019s offer of handing over the group\u2019s 27.66% stake in Vi to any public sector or domestic financial entity. ","thumb":"https:\/\/etimg.etb2bimg.com\/thumb\/img-size-28605\/85032397.cms?width=150&height=112","link":"\/news\/markets\/stocks\/news\/vodafone-idea-shares-plunge-18-heres-why\/85032397"},{"msid":"85028701","title":"No major disappointment in Airtel numbers: Gaurang Shah","entity_type":"ARTICLE","seopath":"markets\/expert-view\/no-major-disappointment-in-airtel-numbers-gaurang-shah","category_name":"Expert Views","synopsis":"\u201cWe were working with ARPU of Rs 140-142 and so at Rs 146, it is above our back of the envelope calculation and per user consumption of the GB data at 18.5 GB is also a little bit higher.\u201d","thumb":"https:\/\/etimg.etb2bimg.com\/thumb\/img-size-396897\/85028701.cms?width=150&height=112","link":"\/news\/markets\/expert-view\/no-major-disappointment-in-airtel-numbers-gaurang-shah\/85028701"},{"msid":"85038608","title":"Kumar Mangalam Birla steps down as non-exec chairman of Voda Idea","entity_type":"ARTICLE","seopath":"news\/company\/corporate-trends\/km-birla-stepping-down-as-non-exec-chairman-of-voda-idea","category_name":"Corporate Trends","synopsis":"\u201cConsequently, the Board has unanimously elected Mr. Himanshu Kapania, currently a Non-Executive Director, as the Non-Executive Chairman,\u201d the company said in a notice to the BSE Wednesday.","thumb":"https:\/\/etimg.etb2bimg.com\/thumb\/img-size-77594\/85038608.cms?width=150&height=112","link":"\/news\/company\/corporate-trends\/km-birla-stepping-down-as-non-exec-chairman-of-voda-idea\/85038608"}],"msid":85059550,"entity_type":"ARTICLE","title":"It seems to be end of the road for Vodafone Idea: Sandeep Parekh","synopsis":"\u201cI do not see why either of the competitors would buy a company with such massive debts. There is really not much scope for a white knight for Voda.\u201d","titleseo":"telecomnews\/it-seems-to-be-end-of-the-road-for-vodafone-idea-sandeep-parekh","status":"ACTIVE","authors":[],"analytics":{"comments":0,"views":811,"shares":0,"engagementtimems":4055000},"Alttitle":{"minfo":""},"artag":"ET Now","artdate":"2021-08-05 09:57:41","lastupd":"2021-08-05 09:58:36","breadcrumbTags":["Vodafone Idea","Yes Bank","Sandeep Parekh","Vodafone Plc","finsec law advisers","Stock Market","et now","Kumar Mangalam Birla","Industry","IndusInd Bank"],"secinfo":{"seolocation":"telecomnews\/it-seems-to-be-end-of-the-road-for-vodafone-idea-sandeep-parekh"}}" data-authors="[" "]" data-category-name="" data-category_id="" data-date="2021-08-05" data-index="article_1">
读到
从我的角度来看,似乎这条路的尽头,他们可能不得不申请破产清算,在某个阶段,说Sandeep帕尔克管理合伙人,Finsec法律顾问。
Kumar Mangalam贝拉辞职的吗沃达丰的想法董事会。是它的标志来沃达丰的想法和它有多难电信玩家操作在这样的环境中吗?
他们面临的挑战对支付因为Jio频谱,竞争加剧。我不认为未来是不确定的。看起来很肯定的大支付必须为频谱使用。除非他们能极大地利用然后竞争看起来非常困难得到的相关数据和事实,他们不能够得到合适的股权投资规模的扩大。事情看起来暂时低迷,也在全球范围内,大多数电信圈通常最终成为双头垄断。这几乎是一个为电信运营商的自然状态。贝拉的下一步似乎完全注销其投资的合资企业。
贝拉可以Kumar Mangalam辞职是什么意思——接近NCLT和清算,卖给另一个投资者,沃达丰股价采取一个更大的股份?
无论是当前的两个启动子出现利用实体感兴趣但是没有人会想要投资这样的压倒性的数量的钱。我真的没有看到一个选择。即使一个白衣骑士,他希望资本回报率,除非他们会如此压倒性的剂量的不仅是资本的乐观,我不认为他们会。与现有股东退出或写下自己的投资,我真的不知道。从我的角度来看,似乎这条路的尽头,他们可能不得不申请清盘在某个阶段。
考虑到可能是路的尽头,沃达丰的主意,让我们来看一看一些大的银行暴露在沃达丰为例IndusInd银行PNB,印度国家银行是的,银行。你认为对印度银行体系将会困难吗?
我真的不想评论银行敞口,但可能会有大量减记资产所有的银行这个实体。这似乎是一个自然的推论。
如果发生,就不会现在的竞争是一个很大的挑战?
我甚至没有进入这个问题。我的观点是电信和航空公司非常不同的行业。事实上,电信是完全不同于大部分的产业,在一个航空公司,你可以注销债务的一部分,你可以完全冲销股权,100架飞机,而是可以用五个重启。电信的这是不可能的。你不能有一个缩小沃达丰将继续存在。所以,我不明白为什么这两个竞争对手将收购一家公司这样的巨额债务。我真的没有看到很多白骑士的机会。
Kumar Mangalam贝拉辞职的吗沃达丰的想法董事会。是它的标志来沃达丰的想法和它有多难电信玩家操作在这样的环境中吗?
他们面临的挑战对支付因为Jio频谱,竞争加剧。我不认为未来是不确定的。看起来很肯定的大支付必须为频谱使用。除非他们能极大地利用然后竞争看起来非常困难得到的相关数据和事实,他们不能够得到合适的股权投资规模的扩大。事情看起来暂时低迷,也在全球范围内,大多数电信圈通常最终成为双头垄断。这几乎是一个为电信运营商的自然状态。贝拉的下一步似乎完全注销其投资的合资企业。
贝拉可以Kumar Mangalam辞职是什么意思——接近NCLT和清算,卖给另一个投资者,沃达丰股价采取一个更大的股份?
无论是当前的两个启动子出现利用实体感兴趣但是没有人会想要投资这样的压倒性的数量的钱。我真的没有看到一个选择。即使一个白衣骑士,他希望资本回报率,除非他们会如此压倒性的剂量的不仅是资本的乐观,我不认为他们会。与现有股东退出或写下自己的投资,我真的不知道。从我的角度来看,似乎这条路的尽头,他们可能不得不申请清盘在某个阶段。
考虑到可能是路的尽头,沃达丰的主意,让我们来看一看一些大的银行暴露在沃达丰为例IndusInd银行PNB,印度国家银行是的,银行。你认为对印度银行体系将会困难吗?
我真的不想评论银行敞口,但可能会有大量减记资产所有的银行这个实体。这似乎是一个自然的推论。
如果发生,就不会现在的竞争是一个很大的挑战?
我甚至没有进入这个问题。我的观点是电信和航空公司非常不同的行业。事实上,电信是完全不同于大部分的产业,在一个航空公司,你可以注销债务的一部分,你可以完全冲销股权,100架飞机,而是可以用五个重启。电信的这是不可能的。你不能有一个缩小沃达丰将继续存在。所以,我不明白为什么这两个竞争对手将收购一家公司这样的巨额债务。我真的没有看到很多白骑士的机会。
评论
现在评论 阅读评论(1)所有评论
找到这个评论进攻?
下面选择你的理由并单击submit按钮。这将提醒我们的版主采取行动