Sunil Mittal added a billion dollars in his net worth — thanks to Vodafone troubles.- Sunil Mittal’s net worth increased to $3.5bn in the last one year.
- There were rumours that Vodafone is left with no choice but to proceed for insolvence as the joint venture landed with a bill that it can’t afford.
- This led investors to believe that the weaker Vodafone-Idea is pushing India’s telecom market towards a duopoly between Jio and
Airtel .
“Sunil Mittal saw his wealth rise to $3.5 billion propelled by speculations of the Indian telecom market becoming a duopoly, led by Jio and Airtel,” said Hurun Research. This is in spite of the fact that Mittal’s company itself owes ₹35,000 crore to telecom department which has slapped past dues on Vodafone and Airtel both.
Before the spectrum dues issue, Mittal’s net worth dropped from ₹56,500 crore (₹8 billion) to ₹22,500 crore ($3.3 billion) between 2017 and 2018, according to Hurun Research.
After the hefty bills,
The payment of dues might not affect the credit quality of Bharti Mittal but it will $4,” said credit rating agency Moody’s.
In spite of its own troubles, Airtel’s stock jumped from ₹350 in October 2019 to ₹536 in February, as analysts expect a favourable duopoly. He and his family holds 27% stake in Bharti Airtel.