UK mobile operator Vodafone has announced that it will not sell its 4% stake in Bharti Airtel, and will continue to invest in its Indian operations to battle the global slowdown.
Vittorio Colao, chief executive at Vodafone, said: We have the 4% stake in Bharti Airtel, and one day we will discuss what to do with it. We have clearly formulated our strategy: one goal, four pillars which include strong cash generation; chase growth opportunities in mobile data, enterprise services, and broadband services; deliver in emerging markets; and reward shareholders. India is the jewel of our international markets expansion.
In November Vodafone cut its full-year revenue outlook but said it would maintain profits and free cash by cutting costs by 1 billion pounds ($1.48 billion).
Last month, it lost its petition in the Mumbai High Court challenging a retrospective change to Indian tax law after it received a $2 billion tax bill following its acquisition of a 67% stake in mobile operator Hutch in 2007. The company said it will appeal against the ruling in the Supreme Court of India.