Aditya Birla Group chairman Kumar Mangalam Birla heralded the commencement of Vodafone Idea 2.0 following the triumphant conclusion of the Rs 18,000 crore follow-on public offer (FPO).
Birla expressed optimism about a "smart turnaround" for the telecom giant, attributing the achievement to a supportive policy framework led by Prime Minister Modi and Telecom Minister Ashwani Vaishnav, fostering investment, innovation, and healthy competition.
Addressing the FPO listing ceremony at NSE on April 25, Birla lauded the robust response from investors, with the overall book oversubscribed seven times and the institutional book a staggering 19 times. He emphasized the significant role of Vodafone Idea in India's digital narrative and underscored its revitalization as pivotal for the nation's progress.
Highlighting the Aditya Birla Group's enduring commitment to the telecom sector, Birla disclosed investments exceeding Rs 1,70,000 crore alongside Vodafone Group, with a substantial portion raised through the recent FPO. He outlined plans to utilize the proceeds for technological advancements, enhancing operational efficiencies, and stimulating growth.
Birla commended the unwavering support from investors and banks, envisioning a transformative phase for Vodafone Idea labeled as "Vodafone Idea 2.0." He stressed the company's significance as a "national asset" boasting 215 million users, substantial spectrum holdings, and a nationwide network.
With India's digital economy on the rise, Birla emphasized the indispensable role of robust telecom infrastructure and reiterated the necessity of three private telecom players to cater to the burgeoning population.
The successful FPO signifies not just a financial milestone but also a promising chapter for Vodafone Idea, poised to navigate the evolving telecom landscape and contribute to India's digital transformation.
