Indian billionaires Mukesh Ambani and Sunil Mittal may wait for the Lok Sabha elections to finish before hiking telecom tariffs in the second half of 2024. Jefferies expects a 20% tariff hike in the second quarter of fiscal year 2025. The government, which owns 33% stake in Vodafone Idea, may also favor tariff hikes to support the telco’s survival. CLSA estimates that Bharti Airtel will lead tariff hikes to an Arpu of Rs 257 by fiscal year 2026.
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