Raise Rs 18,000 crore to give Vodafone a new lease of life Concept: Birla Kumar Mangalam

Mumbai: On Thursday, Kumar Mangalam Birla, the chairman of Aditya Birla Group, said that Vodafone Idea’s Rs 18,000-crore fundraising provides the business with a “new lease of life.”

Reporters were informed by Birla at the follow-on public offer listing ceremony that the business, which has been finding it difficult to retain users in the face of intense competition in the industry, would concentrate on expanding its network and introducing 5G services judiciously.

Birla responded in the positive when asked whether the cash raise will solve the majority of the company’s issues.

“And this is like a sort of fresh lease of life for the company,” he said.

Regarding the rumors of a sale of an Indus Towers interest, Birla chose not to respond.