Vodafone Idea spent Rs 18,800 crore in the recent spectrum auction to acquire 5G spectrum in its priority circles. But the current cash Ebitda run-rate of Rs 8,400 crore would be insufficient to meaningfully increase capex and meet large upcoming debt repayments, said Nomura India, which felt that delays in external fundraise would mean Vi’s 5G rollouts would remain constrained in the near term.
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