Vodafone Idea has started moving forward on its proposed $6.6 billion expansion plan. The company has made a mega deal with Nokia Ericsson and Samsung. Under which all three companies will supply the network equipment required for expansion to Vodafone Idea in the next 3 years. This deal is worth $3.6 billion i.e. about Rs 30 thousand crores. The company has sent this information to the stock markets on Sunday.

The company has made a capex plan of $6.6 billion in 3 years. Under this capex plan, the scope of 4G coverage is to be increased from the current 100 crore people to 120 crore people. Apart from this, 5G is to be launched in major markets and capacity is to be expanded towards data growth.

With this new deal, Vodafone Idea will continue to work with its existing long-term partners Nokia and Ericsson, and is also adding Samsung as a new partner. In June itself, the company's board approved the issuance of preferential shares worth Rs 1520 crore to Nokia Solutions and preferential shares worth Rs 938 crore to Ericsson India. These shares were issued at a price of Rs 14.8 per share. With the help of the equipment available under these new contracts, Vodafone Idea will be able to provide better service to its customers. Apart from this, these equipment will also help in reducing the cost of the company. The supply of equipment under these long-term contracts will start from the coming few quarters. The company's current capex is being met through funds raised through the equity route. According to the company, it has reached the next round of discussions to raise another Rs 35,000 crore from existing and new lenders for long-term capital expenditure. Stock near year's lows In Friday's trade, Vodafone Idea's stock has gained nearly one per cent to reach 10.48. The stock had reached a year's low of 9.79 this week. The stock's year's high is 19.15. At the same time, the stock's highest level of the year was also recorded at the end of June this year.