Vodafone, the British telecom company is reportedly planning to launch IPO of its Indian branch to raise about $4 billion next fiscal.
Investment Bank Rothschild has been appointed by the company as its consultant to work on the process of a public listing, which is expected to be among the biggest ever in India at $3 to 4 billion.
The paperwork for the public offering shall be over by the end of this financial year, as per sources.
Vodafone has been planning IPO of its Indian arm for a long time now. It acquired 100% stake in the Indian venture by acquiring entire stake from its local partners for Rs 10,141 crore in 2013.
An IPO would provide Vodafone with cash while allowing investors to bet specifically on India, whose digital growth is snowballing at the rate that it has already geared up to outpace much advanced countries such as Vodafone’s native market, the United Kingdom.
In January this year, Vodafone declared that it has made an investment of more than GBP 12.8 billion in India since 2007, and in 2013 it had committed to invest about Rs 4,000-6,000 crore annually, reports ET.
Further, the company acquired spectrum for 12 telecom circles in the March 2015 spectrum auction for a total cost of Rs 258.1 billion.