Vodafone Idea (Vi) has reaffirmed its three-year network expansion strategy, targeting double-digit revenue growth, a threefold increase in cash EBITDA, and ₹45,000 crore of investment in its mobile network. Chief Executive Officer Abhijit Kishore reiterated the targets following the telecom operator’s first-quarter results, which showed a narrower loss alongside an improvement in average revenue per user (ARPU).
The investment plan is aimed at supporting subscriber growth, expanding 4G coverage, and accelerating the rollout of 5G services, while the company continues to work on securing the financing required for the programme.
Vi Pursues Additional Financing
Vodafone Idea is currently in discussions with public-sector banks, private Indian lenders, and overseas financial institutions to support its network investment plans.
The company has already secured a ₹6,400 crore funding tranche and placed approximately ₹9,000 crore worth of network-equipment orders. Execution of these orders is expected to take place within two quarters or less.
Kishore said continued promoter support and ongoing discussions with lenders have given the company confidence that the financing structure needed to execute its network roadmap is taking shape.
3,500 4G Sites Planned Every Month
As part of the expansion, Vodafone Idea plans to deploy approximately 3,500 4G sites every month.
The company’s current schedule targets completion of its 4G rollout across 17 priority circles within around 18 months. At the same time, Vi plans to launch 5G services in more than 200 additional cities over the next two quarters.
The expansion comes as the operator continues efforts to close the network coverage and scale gap with its larger competitors, Reliance Jio and Bharti Airtel.
₹9,000 Crore Equipment Orders Form Immediate Pipeline
The broader network investment will include new radio sites as well as capacity upgrades, equipment modernisation, and wider network coverage.
The pace of implementation will depend partly on the timely release of funding from lenders and the ability of equipment suppliers and deployment partners to deliver the required volume of network sites.
The approximately ₹9,000 crore equipment order book provides an immediate pipeline for network deployment, while the ₹45,000 crore commitment represents the company’s broader three-year network investment programme.
Company Continues to Navigate Financial Challenges
Vodafone Idea remains India’s third-largest mobile operator while continuing to manage the financial impact of its prolonged debt crisis.
The Indian government became the company’s largest shareholder in 2025, holding nearly 50% following conversions linked to statutory liabilities. Despite the government’s substantial ownership, Vodafone Idea continues to operate as a privately managed telecom company, with promoters, lenders, and the government holding significant interests in its recovery.
Network Expansion Could Support Enterprise Connectivity
The planned investment extends beyond conventional mobile network expansion and represents a significant telecommunications infrastructure and enterprise-technology programme.
Deploying thousands of new sites each month will require additional radio equipment, fibre connectivity, tower infrastructure, power systems, cloud-based network management, and cybersecurity capabilities.
The planned expansion of 5G into more than 200 additional cities could also increase opportunities in areas such as fixed wireless access, private networks, Internet of Things (IoT) deployments, and higher-capacity enterprise connectivity.
Turnaround Strategy Enters Execution Phase
Vodafone Idea first outlined the broader turnaround strategy in June. The latest earnings discussion reaffirmed its targets for revenue growth, cash EBITDA, and capital expenditure, while providing more specific near-term network deployment milestones.
The key challenge now is execution. The company’s ability to convert financing discussions into actual funding and maintain the planned network rollout pace will be critical to improving service quality and limiting further pressure on its subscriber base.
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