The Indian government has agreed to forego $2.1-billion in interest payments and instead become the largest shareholder in Vodafone's local unit Vi.
AFP/Indranil Mukherjee
Vodafone has been losing money in India since Asia's richest man Mukesh Ambani kicked off a price war in the vast market when his conglomerate Reliance launched telecoms arm Jio in 2016. New Delhi agreed after protracted negotiations to allow Vi and other telecom companies to convert what they owed into equity, in addition to a four-year moratorium on payments.
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