Vodafone Idea (Vi) is currently facing significant delays in securing the roughly ₹50,000–₹55,000 cr capital expenditure it needs for expanding its 4G and 5G networks. That slowdown is creating a window of opportunity for rivals Bharti Airtel and Reliance Jio—especially in seven key telecom circles (including Mumbai, Maharashtra, Gujarat, Kerala, Haryana, UP‑West, Kolkata)—which together account for approximately 50% of Vi’s revenues. Analysts, including HSBC Global Research, warn that if Vi doesn’t ramp up its network investments soon, it could begin losing both revenue and subscribers in these top-tier urban markets.

Currently, Vi holds around a 20% revenue share in these circles, while Airtel and Jio capture about 24.5% and 29%, respectively With its growth plan hinging on external funding—which is still pending—the telco risks falling behind, while its stronger-armed competitors accelerate investments to attract high-value customers.

In short: delayed funding = stalled capex = weaker network = potential market‑share loss to Airtel and Jio.

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