Vodafone Idea shares gain 12% after recently announced deal 

Shares of the debt-ridden Vodafone Idea climbed 12% on Monday after the telco said it inked deals worth $3.6 billion (Rs 30,000 crore) with Nokia, Ericsson, and Samsung to source telecom equipment over three years for 4G network expansion and 5G rollouts.

Shares of Vodafone Idea rose 11.73% to Rs 11.71 on BSE today. Market cap of the firm climbed to Rs 79,197 crore. Total 585.63 lakh shares of the firm changed hands amounting to a turnover of Rs 66.42 crore on BSE.

"Vodafone Idea (“VIL” or “Company”) has concluded a mega $3.6 billion (Rs 300 billion) deal with Nokia, Ericsson and Samsung, for supply of network equipment over a period of three years. The deal marks the first step towards the rollout of the company’s transformative three-year capex plan of $6.6 billion (Rs. 550 billion). The capex programme is directed towards expanding the 4G population coverage from 1.03 billion to 1.2 billion, launching 5G in key markets and capacity expansion in line with data growth," said the company in a filing to the exchanges.

Akshaya Moondra, CEO, Vodafone Idea Limited, said "We are committed to invest in emerging network technologies to provide a best-in-class experience to our customers. We have kickstarted the investment cycle. We are on our journey of VIL 2.0 and from hereon, VIL will stage a smart turnaround to effectively participate in the industry growth opportunities. Nokia and Ericsson have been our partners since our inception and this marks another milestone in that continuing partnership. We are pleased to start our new partnership with Samsung. We look forward to work closely with all our partners as we move into the 5G era."