- Vodafone and Idea have integrated to transform into the new identity — ‘Vi’. Ravinder Takkar, MD & CEO, Vodafone Idea made the announcement
Vodafone and Idea have integrated to transform into the new identity — ‘Vi’. Ravinder Takkar, MD & CEO, Vodafone Idea made the announcement. “We have completed the monumental task of the world’s largest merger in less than two years. As the integration of the two brands is complete, it’s time for a fresh start,” Ravinder Takkar said during the announcement’s live webcast on Monday, September 7.
“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 of Aditya Birla Group & Vodafone Concept, said at the launch of the new brand, “India is the second-largest telecommunications market and the largest data user in the world. With 1.2 billion Indians accessing voice and data services at the lowest tariffs in 5 lakh villages worldwide, India’s omnipresent wireless network is unprecedented in terms of scope and effect on people’s lives.
With our new brand-Vi, we are committed to collaborating with the government to accelerate India’s advance towards a digital economy, enabling millions of people to interact with the digital revolution and create a better future.
On Friday, the Vodafone Idea board approved a plan to raise to a maximum of 25,000 crores through a mix of equity and debt instruments. The decision came days after the Supreme Court ordered telecommunications operators to pay 10 percent of the overall adjusted gross revenue (AGR)-related dues this year and the remainder of the 10 installments payments, beginning next fiscal year.
Vodafone Idea faces pending ~50,000 crore AGR dues. Fundraising proposals are subject to the nod from shareholders as well as other regulatory approvals. Fund-raising is crucial for the third-largest operator in the highly competitive Indian telecom industry, Vodafone Concept.
The statutory dues emerged after the Supreme Court upheld the government’s stance in October last year on including non-core market revenue in calculating the telecom companies ‘ annual AGR, a portion of which is charged to the exchequer as license and spectrum charge.
It posted a net loss for the June quarter of 25,460 crores after making additional arrangements to pay past statutory duties.
