New Delhi: Vodafone Idea’s shareholders and creditors have given a nod to the telecom operator’s plan to transfer optical fibre assets to its wholly-owned subsidiary Vodafone Towers Limited. “The proposed resolution approving the scheme was passed with the requisite majority by equity shareholders of the company,” Vodafone Idea said in a regulatory filing on Saturday.
The meeting of shareholders and creditors of Vodafone Idea took place separately on June 6.
The scheme was passed unanimously
“The proposed resolution approving the scheme was passed unanimously by secured creditors and unsecured creditors of the company,” Vodafone Idea said.
The telecom provider had proposed to transfer its optical fibre assets to Vodafone Towers before monetising it and had approached the National Company Law Tribunal Ahmedabad on April 11 for approval.
Optical fibre assets valued at Rs 15,000 cr
An industry source said that Vodafone Idea had has received a valuation of around Rs 15,000 crore for its around 1.56 lakh kilometre-long optical fibre assets.
Vodafone Idea wants to restructure its business by divesting the Fibre Infrastructure Undertaking into a separate legal entity so that it will allow the entity to have a sharper and dedicated focus on this segment business. This, in turn, would help it achieve greater infrastructure sharing, operational efficiencies and cost optimization, resulting in more affordable and reliable telecommunications services to its consumers, the company had said.