Vodafone Idea expected to come up with revival plan within a month: Report
After Markaz’s acquisition of shares in the troubled telecom company, Vodafone Idea is expected to come up with a revival plan within a month, Communications Minister K. Mint.
In an interview, Rajaraman said the return of Aditya Birla Group Chairman Kumar Mangalam Birla to the board of directors of the ailing telecom company is a “positive step” and the telecom company is in talks with several institutions to raise capital for its 5G rollout plans. .
“We continue to get monthly reports on their subscriber base and other metrics, but what we want them to do is come back with the resources – equity and debt – and we are waiting for final communication from them. Now that Mr Birla is back on the board, I hope they get back to us soon with their plan.”
As of September 2022, the company had a debt of Rs 2.2 trillion. In February, the center decided to convert the adjusted gross revenue (AGR) due of the company of Rs. 16,133.3 crore into shares to become its largest shareholder.
Rajaraman said the only aim of the move was to ensure there were enough competitors in the market and to revive the telecom company.
He added that the center is preparing for the next spectrum auction in the second half of 2023-24 (Fiscal Year 24) and may include unsold spectrum from previous auctions and new bands.
“We have some unsold spectrum already, for example, in the 600MHz band. In addition, there are some candidate bands that could be offered. We are in the final stages of discussions, and we may refer to TRAI (Telecom Regulatory Authority of India) in a month. or two months Mint.
First published: May 11, 2023 | 8:42 a.m ist