Back in 2018, the combination of Vodafone India and Idea created the new champion for the government's vision of Digital India. We have, since then focussed on integrating two large networks, our people and processes.
Vodafone Idea is all set to make a strategic announcement today, September 7.
"The integration of two brands is a culmination of the largest telecom integration in the world", Takkar said as he announced the rebranded entity. The deployment of many principles of 5G architecture has helped the brand become a "future-fit, digital network" for the customers.More news: Lenovo Lifts The Lid On An RTX 3070 Ti
Speaking to the media on September 7, Takkar said "everyone is selling below cost and the telco is not shy to take the first step". Vodafone Idea, a joint venture between Britain's Vodafone and India's Idea Cellular, said it will go by the brand name "Vi". "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", he added in a statement.
It reported a net loss of Rs 25,460 crore for the June quarter after making additional provisions to pay past statutory dues and had said its ability to continue as going concern hinges on the Supreme Court allowing more time to pay dues. As we already know, postpaid customers of the company are already moved under the "Red' branding". As per data available from the Telecom Regulatory Authority of India (TRAI), in May, Vodafone Idea lost 47.26 lakh users taking its subscriber base to 30.99 crore.
The company has also been struggling to keep its business running in India, e Court gave telecom companies 10 years to pay adjusted gross revenue dues (AGR) dues.Vodafone Idea owes slightly over Rs 50,000 crore to the Department of Telecommunications (DoT) as AGR-related dues.More news: United States coronavirus deaths projected to more than double to 410000 by January
The stressed telecom firm on Friday had announced that it will raise up to Rs 25,000 crore through two methods - a. issue of equity shares by public issue, preferential allotment, private placement or qualified institutional placement (QIP), and b. through non-convertible debentures (NCDs), the telco informed in a BSE exchange filing.
At 12:16 pm, the shares of Vodafone Idea were trading at Rs 12.28 apiece on the BSE, up 2.25 per cent from the previous close.More news: Aussies to get free UQ COVID vaccine