Vi 2.0: Vodafone Idea's Rs 18,000 crore fundraise a 'fresh lease of life', says Kumar Mangalam Birla
Kumar Mangalam Birla, Chairman of Aditya Birla Group, hailed the recent Rs 18,000 crore fundraise by Vodafone Idea as a significant development for the company, describing it as a «fresh lease of life.» This fundraise, achieved through a follow-on public offer, is expected to provide the much-needed financial boost to Vodafone Idea, which has been facing stiff competition from rivals in the telecom sector.
Calling it as the beginning of 'Vi 2.0', Birla said the money raised will be invested in the business, which will trigger a cycle of growth.
«Vi will stage a smart comeback, this moment marks the beginning of Vi 2.0,» Birla said at the listing ceremony.
When asked if most of the problems for the company get sorted with the capital raise, Birla answered in the affirmative.
«And this is like a sort of fresh lease of life for the company,» he said.
Strategic Investments for Growth
Birla highlighted that the funds raised will be utilized to enhance Vodafone Idea's network infrastructure, with a focus on expanding its coverage and introducing 5G services in select areas. This strategic approach, referred to as 'Vi 2.0' by Birla, aims to position Vodafone Idea for a strong comeback in the telecom market, where it competes with major players like Reliance Jio and Bharti Airtel.
«A nation of 1.4 billion people deserves three private telecom players,» he said, calling Vi as a «national asset» which serves 215 million people and possesses over 8,000 MHz of spectrum.
Government Support and Market Dynamics
Birla
