The losing carrier on Friday approved fundraising of up to 25 billion rupees while owing roughly 50 billion rupees ($ 6.81 billion) in fees to the government. The fees, according to the order of the Supreme Court, must be paid in a period of ten years.
Vodafone Idea, a joint venture between Vodafone of Great Britain and Idea Cellular of India, said it will use the brand name “Vi”.
“This is an important next step in launching our new unified business under a new unified brand, Vi. In 2018, the combination of Vodafone India and Idea created the new digital India government vision champion. Now that the integration of the two businesses is complete, it is time to start over, “said Nick Read, CEO of Vodafone Group Plc.
Commenting on the new brand, the Chairman of Aditya Birla Group and Vodafone Idea Limited, Kumar Mangalam Birla, said: “With 1.2 billion Indians accessing voice and data services at the lowest rates in the world in 5 villages, the India’s ubiquitous wireless network is unrivaled in its reach and impact on people’s lives. With our new brand, Vi, we are committed to partnering with the government to accelerate India’s move towards a digital economy, enabling millions of citizens connect to the digital revolution and build a better tomorrow. ”
Telecom operators in the country have already raised some subscription fees as they seek ways to reduce government taxes.
Vodafone Idea lost 4.7 million customers in May alone, while market leader Reliance Jio added 3.7 million. Vodafone’s Indian unit had a gross debt of Rs 1.19 lakh crore at the end of June.
The telecommunications operator’s shares were trading more than 4 percent higher in the afternoon.
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