Aditya Birla Group has Promised Govt to Bring Investments for Vodafone Idea

Ashwini Vaishnaw, union telecom minister, said that the Aditya Birla Group would run the company and bring necessary investments. Vaishnaw said that the government wants India to be a three-player market.

Highlights

  • The Aditya Birla Group has reportedly promised the Indian government that it would bring the necessary investments for Vodafone Idea.
  • The Indian government had put the dues to the equity conversion process in the telco on hold because the promoters weren't showing too much interest in the company.
  • The government's condition to go ahead was to see the promoters invest significant capital into the company.

Follow Us

Vodafone Idea

The Aditya Birla Group has reportedly promised the Indian government that it would bring the necessary investments for Vodafone Idea. The Indian government had put the dues to the equity conversion process in the telco on hold because the promoters weren't showing too much interest in the company. The government's condition to go ahead was to see the promoters invest significant capital into the company. On Friday, the Ministry of Communications (MoC) asked the telco to go ahead with the conversion process of the interest dues into equity for the government. Post the conversion; the Indian government will be the largest stakeholder in the company.




Read More - Vodafone Idea Gets Green Flag to Convert Interest Dues to Equity for Govt

According to a PTI report, Ashwini Vaishnaw, union telecom minister, said that the Aditya Birla Group would run the company and bring necessary investments. Vaishnaw said that the government wants India to be a three-player market. It is also worth recalling that Airtel had said that it would not have any issues with Vodafone UK (the largest promoter in Vi currently) selling the remaining stake in Indus Towers to use the proceeds for clearing the dues of Vodafone Idea. It would be interesting to see if that actually happens now.

Vodafone Idea would be relieved after a long time, and the telco could potentially come in a decent position because of this. Its fundraising plans could also see some positive because of this move from the government.

Reported By

Tanuja is a passionate technology and telecom buff who has been following the telecom industry for several years now.

Recent Comments

Rupesh :

Only 3500? These 5 states combined have 51744 towers. Means less than 5% per state. BSNL will never get level…

BSNL Installs 3,500 4G Towers Across 5 North Indian States:…

Faraz :

"BSNL plans to quickly upgrade 4G services to 5G by June 2024 " Is this a typo or a quote…

BSNL Installs 3,500 4G Towers Across 5 North Indian States:…

Faraz :

Population growth and growth of mobile users are more than that. And I was wondering Vi started gaining 4G customers…

Vodafone Idea Only Added 4 Million 4G Users in Four…

Girish Gowda :

Oh hell no. Airtel 4G is literally unusable aside from a few posh locations in the city. My mother has…

Spectrum Auction 2024: DoT Excludes 700 MHz Frequency Band, Get…

TheAndroidFreak :

They haven't deployed band 1 10Mhz at most of the places. Don't expect much of the speeds you mentioned. 3G…

Spectrum Auction 2024: DoT Excludes 700 MHz Frequency Band, Get…

Load More
Subscribe
Notify of
2 Comments
newest
oldest most voted
Inline Feedbacks
View all comments