Vodafone Idea Announcement News Updates Vodafone Idea has described the integration of the two telecom companies as Vi the largest integration of the telecom sector ever.
Vodafone Idea, the telecom giant, announced the rebranding of the company on Monday. Now it will be known by the new brand name ‘Vi’. We can read it as ‘We’. Kumar Mangalam Birla, Chairman of Vodafone Idea Limited said on the occasion that both Vodafone and Idea had set new standards like network experience, rural connectivity, customer service, enterprise mobility solutions, and many more.
Birla further stated that since the mid-90s both Vodafone and Idea have accelerated the growth of the sector in various incarnations. He said, “We are working towards taking the digital economy forward and are committed to speeding it up with the government.”
Nick Reed, CEO of Vodafone Group Plc, termed the introduction of the new Unified Brand Vi on the occasion. The integration of the two businesses is now complete, now is the time for new beginnings. Reed said, “We believe it is best suited to launch Vi. Vi’s emphasis is on providing a better network experience to people and businesses, offering superior customer service and leading products and services.”
Ravinder Collision, MD and CEO of Vodafone Idea while launching the new brand said, “Vodafone and Idea merged two years ago. Since then we were working towards the integration of two large networks, our people and processes. Today I am very happy to introduce VI brand. Indians are optimistic and want to get ahead in life.”
In a statement issued by the company, the integration of the two brands has been described as the biggest integration of the telecom world. The share price of Vodafone Idea Ltd on the NSE at 12:52 pm was up 45 paise, or 3.73 percent, to Rs 12.50.
The board of the company recently approved a proposal to raise Rs 25,000 crore by issuing equity shares or through Globed Depository Receipt, American Depository Receipt, Foreign Currency Bonds, Convertible Debentures. This is expected to provide considerable relief to the cash-strapped VIL. The number of subscribers of the company has been steadily decreasing. Also, the user has also decreased on its average revenue. The company has to pay Rs 50,000 crore to the government as an outstanding AGR.
Last week, Vodafone Idea said that the company had not received any investment proposal from the board of US wireless carriers Verizon Communications Inc and Amazon.com Inc. Earlier some media reports had claimed that these two companies could invest in Vodafone Idea.
The company has informed about the announcement of strategic investment after the Supreme Court’s decision related to AGR. The Supreme Court, in its judgment, gave the telecom companies 10 years to pay the outstanding adjusted gross revenue (AGR). However, Vodafone Idea Limited sought 15 years for this.
The company was rebranded as Vodafone Idea Limited on August 31, 2018, following the merger of Vodafone Idea and Idea Cellular. Kumar Mangalam Birla is the chairman of the company.