On Friday, the board of Vodafone Idea approved a plan to raise up to ₹25,000 crore through a combination of equity and debt instruments.
“VI” will be the new identity by which Vodafone and Idea will be known after the integration of the two companies. Ravinder Takkar, MD & CEO, Vodafone Idea made this announcement. “In less than two years time we have achieved the mammoth task of world’s largest integration.As the integration of the two brands is complete, its time for a fresh start,” said Takkar on September 7, during the live webcast of the announcement.
“Vodafone Idea came together as a merged entity two years ago. We have, since then focused on integrating two large networks, our people and processes. And today I am delighted to present Vi, a brand that will bring important meaning to lives of our customers. Indians are optimistic and want to get ahead in life. They would love a credible partner to help them on this journey. Vi’s positioning is built around this promise and will focus on meeting the customer needs to help them thrive,” Takkar added.
The Chairman, Aditya Birla Group & Vodafone Idea, Kumar Mangalam, said: “India is the 2nd largest telecom market and the largest data consumer, globally. With 1.2 bn Indians accessing voice and data services at the world’s lowest tariffs across 5 lakh villages, the ubiquitous wireless network in India is unmatched for its reach and impact in people’s lives. With our new brand – Vi, we stand committed to partner the Government to accelerate India’s progression towards a digital economy, enabling millions of citizens to connect to the digital revolution and build a better tomorrow.”
On Friday, the board of Vodafone Idea approved a plan to raise up to ₹25,000 crore through a combination of equity and debt instruments. The decision and the announcement followed by it came after the Supreme court directed telecom operators to pay 10% of total adjusted gross revenue (AGR)-related dues this year, and rest of the payments in 10 instalments, starting next fiscal year.
Outstanding AGR dues of about ₹50,000 crore are to be paid by Vodafone Idea.
The fund-raising plans are subject to shareholders’ nod and other statutory approvals, the Mint reported.
As an independent media platform, we do not take advertisements from governments and corporate houses. It is you, our readers, who have supported us on our journey to do honest and unbiased journalism. Please contribute, so that we can continue to do the same in future.
