@GrayIsTheNewBlack 10x from 11rs though, not 13-13.5
The back-of-envelope math is simple - For Voda to succeed, it will need to triple revenue from current level over next few years (50% from ARPU growth, 50% from new customers; ARPU is likely, new customers is the issue), to generate enough EBITDA to pay dues. If it does this, it will get rated like Bharti which is ~3x more expensive on EBITDA multiples. 3x3 is 9x. This is the bull case. By then Airtel should be even larger.
If it does not scale revenues, it will go bankrupt / sell at few paise to the rupee (outside of a govt bailout). Hence 10x or 0. My timeframe is more than 2 years though - more like 4-5 years.