Kumar Mangalam Birla Comments on Vodafone Idea Turning Point

Kumar Mangalam Birla, chairperson of the Aditya Birla Group, a promoter of Vodafone Idea Limited (VIL), recently talked about the telco. Birla, for the obvious reasons, refrains from commenting too much about the telco in public forums. But after the recent developments, even he has commented about the business. For the unaware, the government recently gave a huge adjusted gross revenue (AGR) relief to Vi. The telco doesn’t have to pay the AGR dues to the government for a decade from here.

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“The recent resolution of the AGR issue marks a decisive turning point. With long-standing uncertainty removed through the clarity of the Honourable Supreme Court’s judgment and the government’s decisive intervention, the operating environment has fundamentally changed,” said Birla in a statement.

“For the first time in years, the fog has cleared, allowing the business to look beyond survival, and focus on sustainable growth,” added Birla. This will allow Vodafone Idea to potentially also proceed in conversation with lenders and investors to raise more money in the near future.

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“The company was carried through its most challenging years by the commitment of employees, loyalty of customers and the belief of business partners and shareholders. A dogged focus on daily operations, service and network expansion, will now serve as the foundation for revival. A healthy, competitive telecom industry is essential to India’s digital future. India deserves a successful Vodafone Idea. And this is, once again, an idea whose time has come,” he added.