Vodafone Idea Gets fresh lease of life says Kumar Mangalam Birla On Successful FPO

Vodafone Idea Stock Price: Aditya Birla Group Chairman Kumar Mangalam Birla said that raising Rs 18,000 crore by telecom company Vodafone Idea is a 'new life' for it and the company will be successful in making a 'smart' comeback. Debt burdened Vodafone Idea has recently succeeded in raising funds of Rs 18,000 crore through follow-on offer. Aditya Birla Group is included among the promoter companies in Vodafone Idea.

Kumar Mangalam Birla said in the press conference organized on the listing of FPO shares in the stock market that the telecom company will focus on expanding its network, densifying it and offering select 5G services. Describing this as the beginning of 'Vi 2.0', the second life for Vodafone Idea Limited, he said that the amount raised will be invested in the business, which will start a new cycle of growth. Kumar Mangalam Birla said, 'Vi will make a smart comeback. This moment marks the beginning of Vi 2.0.

When asked whether raising capital would solve most of the company's problems, Kumar Mangalam Birla replied in the affirmative. He said, this is a kind of new life for the company. Along with this, Birla also gave credit to the government's reform package for ensuring VIL's journey to this point and helping the three companies maintain their presence in the telecom market. Describing Vi as a 'national asset', he said, 'A country of 1.4 billion people deserves three private telecom companies. It serves 21.5 crore people and has more than 8,000 MHz of spectrum.

Birla refused to comment on the news of stake sale in Indus Towers. He said that Vodafone Idea's promoters Vodafone and Aditya Birla Group have so far invested more than Rs 1.70 lakh crore in it and out of the Rs 30,000 crore investment that has come into the company in the last five years, three-fourths have come from the promoter companies themselves. . He said that the total debt of Vodafone Idea is now only Rs 4,000 crore.

State Bank of India Chairman Dinesh Kumar Khara, who participated in the listing of Vodafone Idea's FPO, said that the bank officials have overcome the difficult times and concerns related to this company. He credited Kumar Mangalam Birla for showing confidence and trust in the telecom company.

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