Vodafone Idea rejected reports of talks with Elon Musk for Starlink’s Indian satellite-based Internet service. The company’s stock declined by over 4%.
Vodafone Idea denied that it is in talks with Elon Musk about managing Starlink in India.
In an exchange filing, the telecom operator wrote, “We would like to submit that the company is not in any such discussion with the named party.”
Vodafone Idea refused
After the clarification, Vodafone Idea’s Bombay Stock Exchange stock plunged over 4% to Rs 16.20.
Vodafone Idea dismissed Verizon, Amazon, and Starlink acquisition speculations in September. The corporation denied such rumors in a regulatory filing.
Telecom Bill 2023
The Rajya Sabha voice-voted to pass the Telecommunications Bill 2023 last month after the Lok Sabha did.
A new proposal will allow satellite-based service spectrum distribution without auctions, benefitting Elon Musk’s Starlink, OneWeb, and Amazon’s Kuiper.
After numerous failed attempts, Starlink plans to launch satellite broadband in the world’s largest country this year.
Vodafone Idea would invest extensively in Indian 5G and 4G networks.
Over the past year, Vodafone Idea has methodically prepped its core network for 5G.
Conclusion
Vodafone Idea has denied talks with Elon Musk to oversee Starlink, its cheap Indian satellite Internet provider. The clarification lowered firm shares 4%. The Rajya Sabha’s Telecommunications Bill 2023 allocates satellite spectrum without auctions, favoring Starlink, OneWeb, and Amazon’s Kuiper. Vodafone Idea is funding Indian 5G and 4G networks.
