Vodafone and Idea are now 'Vi'2 min read . Updated: 07 Sep 2020, 12:46 PM IST
- Vodafone Idea board on Friday had approved a plan to raise up to ₹25,000 crore
Vodafone and Idea have integrated to transform into the new identity -- 'Vi'. The announcement was made by Ravinder Takkar, MD & CEO, Vodafone Idea. "In less than two years time we have achieved the mammoth task of world's largest integration.As the integration of the two brands is complete, its time for a fresh start," said Ravinder Takkar during the live webcast of the announcement on September 7, Monday.
"Vodafone Idea came together as a merged entity two years ago. We have, since then focused on integrating two large networks, our people and processes. And today I am delighted to present Vi, a brand that will bring important meaning to lives of our customers. Indians are optimistic and ant to get ahead in life. They would love a credible partner to help them on this journey. Vi's positioning is built around this promise and will focus on meeting the customer needs to help them thrive," said Takkar.
Kumar Mangalam Birla, Chairman, Aditya Birla Group & Vodafone Idea, on the launch of the new brand said, "India is the 2nd largest telecom market and the largest data consumer, globally. With 1.2 bn Indians accessing voice and data services at the world's lowest tariffs across 5 lakh villages, the ubiquitous wireless network in India is unmatched for its reach and impact in people's lives. With our new brand - Vi, we stand committed to partner the Government to accelerate India's progression towards a digital economy, enabling millions of citizens to connect to the digital revolution and build a better tomorrow."
Vodafone Idea board on Friday had approved a plan to raise up to ₹25,000 crore through a combination of equity and debt instruments. The decision came days after the Supreme Court directed telecom operators to pay 10% of total adjusted gross revenue (AGR)-related dues this year, and rest of the payments in 10 instalments, starting next fiscal year.
Vodafone Idea faces outstanding AGR dues of about ₹50,000 crore.
The fund-raising plans are subject to shareholders' nod and other statutory approvals.
Fund-raising is critical for Vodafone Idea, the third largest operator in the fiercely-competitive Indian telecom market.
The statutory dues arose after the Supreme Court, in October last year, upheld the government's position on including revenue from non-core businesses in calculating the annual AGR of telecom companies, a share of which is paid as licence and spectrum fee to the exchequer.
It had reported a net loss of ₹25,460 crore for the June quarter after making additional provisions to pay past statutory dues.