Kumar Mangalam Birla Highlights Vodafone Idea’s ₹18,000-Cr Fundraising Success

#vodafoneidea #wtsa2024 #imc2024 #adityabirlagroup #kumarmangalambirla
At the International Telecommunication Union World Telecommunication Standardization Assembly, Kumar Mangalam Birla, Chairman of the Aditya Birla Group, addressed Vodafone Idea's challenges following the Supreme Court’s rejection of its curative petition over Adjusted Gross Revenue (AGR) dues. As a result, Vodafone Idea now faces a liability of nearly ₹70,000 crore to the Department of Telecom, with its total outstanding, including spectrum payments and license fees, reaching ₹2.1 lakh crore. Birla emphasized that despite setbacks, the company is committed to improving its network and business performance. He highlighted Vodafone Idea's successful ₹18,000 crore fundraising through a follow-on public offer (FPO), which was oversubscribed seven times, demonstrating investor confidence in India’s telecom sector. To stabilize operations, the company announced investments of up to ₹55,000 crore, including ₹30,000 crore allocated for network equipment from Nokia, Ericsson, and Samsung. These strategic moves aim to strengthen Vodafone Idea's infrastructure and competitiveness. Birla expressed optimism about the future, reaffirming his belief in the transformative power of India's telecom industry. He emphasized that the sector plays a crucial role in bridging gaps to build a more connected, empowered, and prosperous India.

#telecomsector #6gnetwork #6g #fpo #nokia #ericsson #samsung #telecominnovation
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