Marten Pieters, former Chief Executive Officer (CEO) of Vodafone India, has said that for most foreign investors, it has been a bad dream to do business in India. One of the important reasons cited by Pieters, for this bad dream is the entry of “monied Reliance Jio”. Vodafone India ran into huge loss and has already merged itself with Idea. Now, informed sources say that, Vodafone will leave it’s India business, because of huge losses in terms of money and customers. It is important to note that, in his statement, the former CEO of Vodafone India has stated that the Indian Telecom Sector is in a bad shape, with debt of over Rs.7 lakh crore. An important reason for this situation is “a new player seemingly having access to infinite money”. This new player seemingly having access to infinite money is none other than Reliance Jio.
[Source: The Economic Times, 05.11.2019]