New Delhi: Telecom operator Vodafone Idea cleared the air on Saturday and denied reports that it was planning to exit six telecom circles which have seen a dip in revenue. The clarification came on the back of a recent report published by Bank of America Merril Lynch (BofA-ML).
The report had claimed that Vodafone Idea Ltd (VIL) would exit the six circles in C-Circle where its revenue had been dipping continuously, dropping to below 20 percent. The report had identified Himachal Pradesh, Bihar, Odisha, Jammu and Kashmir, North East and Assam from where VIL may exit.
"There has been reportage in some media that Vodafone Idea may exit six circles Himachal Pradesh, Bihar, Odisha, Jammu and Kashmir, North East and Assam. We categorically deny and dismiss this speculation as completely baseless and factually incorrect.
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Vodafone Idea remains committed and will continue to serve its millions of customers in these circles," Vodafone Idea said in an official statement.
The telecom service provider has lost revenue in most circles where the merger of the two mobile networks has been completed, JM Financial said in its report. Vodafone and Idea Cellular initiated the integration of their networks after completing their merger last year. The merger was done with a view to integrate their network and improve performance.