Kumar Mangalam Birla: Chairman of the Aditya Birla Group, Kumar Mangalam Birla thinks that new investments will start a growth cycle when telecom behemoth Vodafone Idea’s follow-on public offer (FPO) shares go on sale following the company’s ₹18,000 crore equity raising.
Vodafone Idea’s Comeback Announced by Birla
Birla announced that Vodafone Idea will make a significant comeback following the fundraising at the Vodafone Idea FPO ceremony held on Thursday, April 25, at the National Stock Exchange (NSE). “This marks the start of Voda Idea 2.0. The vision of Digital India will continue to drive Vi,” he said.
Strong participation in the FPO from both domestic and foreign investors, according to Birla, was encouraging. He stated that the business has been in the industry for 25 years. He emphasized that with a total investment of ₹1,70,000 crore, the AB Group is dedicated to the telecom industry. “This is a fresh lease of life for the company.”
Government’s Path-Breaking Reform Package
Kumar Mangalam Birla says, “Vodafone-Idea’s journey to this point has been significantly by the government’s path-breaking reform package, which has nothing short of transformed the entire sector. I thank PM Modi, Union Finance Minister Nirmala Sitaraman & Union Electronics & Information Technology Minister Ashwini Vaishnaw for their leadership and unequivocal commitment to preserving a comparative three-player market…”
