Vodafone Idea Vodafone PLC and Aditya Birla Group offers its free of cost
Every effort is being made to save Vodafone Idea, the telecom company which is burdened with debt of more than Rs 1.80 lakh crore. In view of the interest of the customers, Kumar Mangalam Birla has proposed to give his stake in Vodafone Idea to the government or other companies.
Now another promoter company Vodafone Plc has also come forward to save Vodafone Idea. A Business Standard report quoting banking sources said that Vodafone Plc is ready to offer its stake in Vodafone Idea free of cost to lending banks and state-run telecom company Bharat Sanchar Nigam Limited (BSNL). Vodafone Plc holds 45 per cent stake in Vodafone Idea.
Banks are considering offers: Sources associated with banks lending to Vodafone Idea say that if BSNL acquires Vodafone Idea, then the outstanding government debt will come to BSNL-Vodafone Idea. According to sources, Vodafone Plc and Aditya Birla Group have made different offers to save Vodafone Idea. These offers are being considered keeping in mind different parameters.
Kumar Mangalam Birla has also offered to give stake: Aditya Birla Group chairman Kumar Mangalam Birla holds a 27 per cent stake in Vodafone Idea. Birla had in June written a letter to Cabinet Secretary Rajiv Gauba offering his entire stake in Vodafone Idea to the government or government company or other equity company. However, there has been no response from the government regarding Birla’s offer yet.
Birla removed as non-executive chairman of Vodafone Idea Kumar Mangalam Birla has stepped down as non-executive chairman of the company following reports of him giving up his stake in Vodafone Idea. In the information given by Vodafone Idea to the stock exchange, it has been said that Himanshu Kapania, nominated by Aditya Birla Group, has been made non-executive chairman.
Airtel CEO said – Government should help the telecom sector: Amidst reports of crisis on Vodafone Idea, Bharti Airtel CEO Gopal Vithal has said that there is a need for three private companies in the telecom sector in big countries like India. He said that the government should come forward to help the telecom sector which is facing financial crisis. Responding to analysts’ queries, Vitthal said if the situation prevails, Airtel is ready for a two-component telecom market.
Vodafone Idea is the third largest telecom company in the country Vodafone Idea is the third largest telecom company in the country in terms of subscribers. According to TRAI data, Reliance Jio is at the first place with 42.76 million subscribers, Bharti Airtel second with 3529 million subscribers and Vodafone Idea with 2819 million subscribers.
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