Vodafone said to weigh move to transfer part of India unit stake to strengthen Vi balance sheet

Vodafone Group Plc is working on a proposal to shore up the capital of its listed Indian affiliate, as the venture seeks to turn over a new leaf after the Indian government cut a bill for outstanding spectrum fees, people with knowledge of the matter said.

The UK telecom company, which owns 19% of Mumbai-listed Vodafone Idea Ltd., is considering transferring part of its shareholding to the Indian company to hold in treasury, the people said. The share transfer would take place in lieu of Vodafone injecting more cash into the Indian business, according to the people.