Goi does well to keep out of vodafone’s operations
Ravinder Takkar, managing director and chief executive of Vodafone Idea, on Wednesday stated that GoI is clear that it doesn’t want to run the company even after it formally becomes the largest shareholder. The clarification is a positive development because that gives the company the best chance of restructuring its operations to become more competitive in the telecom market.GoI’s majority stake in the company is part of a liquidity support package for the telecom industry announced in September 2021. Dues to GoI can be converted into equity shares or preference shares. Vodafone’s governing board has converted about Rs 16,000 crore of dues into an equity stake of around 35.8%.
Vodafone Idea needs to use this opportunity to raise more capital to prepare for the 5G rollout. If the company turns around, it gives GoI a chance to exit at a profit while simultaneously protecting the financial system and the telecom support system from a shock induced by the gradual closure of one of three private players in India’s mobile telephone market.
GoI’s decision to stay out of Vodafone’s operations is sensible.
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