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Cong questions govt stake in Vodafone Idea while selling PSUs

Cong questions govt stake in Vodafone Idea while selling PSUs

Alleging that the government is selling PSUs and buying stakes in the private sector, the Congress on Wednesday questioned the government for increasing its share in Vodafone Idea. While the Vodafone group holds around 28.5 per cent of shares in Vodafone Idea, Aditya Birla Group holds around 17.8 per cent, and the government holds about 35.8 per cent of the total outstanding shares.

"Central govt now owns 36 per cent of Vodafone-Idea. Why are stakes being taken up in struggling private companies when PSUs like Air India are being sold and divested?" Leader of Opposition Mallikarjun Kharge asked on Wednesday.

"Real estate assets of MTNL and BSNL are being sold but the Modi govt buys stakes in Vodafone! Does it make any sense?" he added.

The telecom service provider's stocks have slumped around 28 per cent from its 52-week high level of Rs 16.79 that it touched in December 2021. The shares fell 19 per cent in early trade on Tuesday as it approved the conversion of adjusted gross revenue (AGR) and spectrum liabilities into equity.

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TAGS:Vodafone Idea Privatisation Neoliberalism 
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