“I thought as a promoter it is only right that I also indicate my willingness to take the business forward which is why the decision to come back on the board (was taken),” he added.
Birla said the government is “pretty resolute” about having three private players in the strategically important telecom sector. Under an equity conversion plan proposed in January 2022, the government became Vodafone-Idea’s single-largest shareholder with a 33.44% stake. In 2021, the government approved a rescue package for debt-strapped telecom companies, allowing them to convert interest on deferred adjusted gross revenue owed to the government into equity.
The move comes at a time when many industry watchers, including analysts, have been speculating about the fate of Vi, which was created with the merger of Vodafone and Aditya Birla Group company Idea ahead of Jio’s launch. The company has been losing market share, and the debt and losses have been mounting.
Vodafone Idea to begin 5G roll out soon
Birla also recently said that the company will begin 5G roll out soon. He, however, did not disclose the timeline and further plans of the same. Vodafone-Idea is so far the only telecom operator in the country that has not rolled out 5G services.
He also acknowledged that its rivals Bharti Airtel and Reliance Jio are “doing well”.
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