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Telecommunication

Vodafone Idea shares rebound as India looks to scrap retro tax

Indian telecom faces $21.5bn debt, but tax move likely to ease fundraising woes

Kumar Mangalam Birla, left, has resigned as chairman of Vodafone Idea.   © Reuters

MUMBAI --Shares of beleaguered Vodafone Idea, India's third-largest telecom, surged Friday as investors welcomed New Delhi's plan to scrap a retrospective tax law, a move that likely would benefit the British parent.

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