The Indian government has confirmed plans to impose a fee as high as $4.24B on Vodafone (VOD)...

|About: Vodafone Group Plc (VOD)|By:, SA News Editor

The Indian government has confirmed plans to impose a fee as high as $4.24B on Vodafone (VOD) and other local carriers for "excess spectrum" they own. The move follows a Wednesday recommendation that some carrier re-bid for billions worth of spectrum purchased almost 20 years ago. The FT calls the move another blow for an industry that's "increasingly known for incompetent regulation, fierce price competition, stagnant revenues and ballooning debts." (VOD tax issues)