Vodafone Idea is in yet another painful chapter of debt restructuring, and the outlook does not good. With no knights in shining armor to rescue the Indian’s operator, this could be the death knell for Vodafone Idea (Vi), and the end of rock-bottom ARPUs in India. Vi has been struggling with financial difficulties for almost 3 years and was lent support by the government in late 2022 when it bought a 33% stake in the firm in exchange for paying off $1.95 billion debt. However, the government support only scratched the surface, repaying about 7% of Vi’s debt. At the end of 2023, Vi had gross debt of INR 2,093 billion ($25.2 billion), and new debt repayment deadlines looming. The…