Govt to become biggest shareholder in Vodafone Idea; company approves conversion of spectrum interest, govt dues into equity
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Indian telecom operator Vodafone Idea said on Tuesday its board approved conversion of the full amount of interest related to spectrum auction instalments and dues owed to the government for use of airwaves into equity. The "net present value" of the interest is expected to be about 160 billion Indian rupees ($2.16 billion), according to the company`s estimates.