Tuesday 28 January 2020
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business-standard - 2 month ago

Voda Idea to shut if no relief provided by govt: Kumar Mangalam Birla

Vodafone Idea Ltd, the India s third largest mobile service provider, will shutdown if the government does not provide relief on the liability it faces in past statutory dues following a Supreme Court order, its billionaire chairman Kumar Mangalam Birla said on Friday. If we we are not getting anything then I think it is end of story for Vodafone Idea, Birla said at the HT Leadership Summit when asked about the future of Vodafone Idea in absence of a government relief on payment of Rs 53,038 crore dues. Birla s Idea Cellular and British telecom giant Vodafone plc s India unit had merged last year to compete with the onslaught of free voice calling and dirt cheap data unleashed by richest Indian Mukesh Ambani s Reliance Jio. In the process, it accumulated Rs 1.17 lakh crore debt and had just weeks back posted corporate India s biggest loss after it provisioned for the liability arising from the Supreme Court upholding the government s position on what base should statutory ...

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