Vodafone will not IPO Indian unit until next financial year

Vodafone said on Tuesday it intended to proceed with the IPO as soon as market conditions allow.

Vodafone branding is seen outside a retail store in London. | Reuters

LONDON: British mobile operator Vodafone will not launch the highly anticipated initial public offering (IPO) of its Indian unit before March next year, it said on Tuesday.

Vodafone India, the No.2 mobile phone carrier by market share and revenue, and other players in India's crowded telecoms market have been impacted by the entry of Reliance Jio, a new telecoms venture controlled by India's richest man Mukesh Ambani.

Vodafone said on Tuesday it intended to proceed with the IPO as soon as market conditions allow. "We do not expect this to take place during the current financial year," it said.

The IPO is expected to raise between 133 billion rupees and 200 billion rupees ($2-$3 billion).