Vodafone Idea fund raise delay a concern: Vaishnaw

Ashwini Vaishnaw, communications and IT minister, on Thursday said the government is concerned over the delay by Vodafone Idea in raising funds. The ailing telecom operator has not been able to get either equity infusion by the promoters or funding through investors.

Of course, there is a concern because investment is supposed to come. And only after investment, the company can revive. Everyone is concerned,” Vaishnaw told FE, adding that the government is constantly encouraging the promoters to invest in the firm.

The government had in February converted Vodafone Idea’s interest dues worth `16,133 crore into equity, following assurance from the promoters that they will bring in fresh investments. Such hopes had brightened when Aditya Birla Group chairman Kumar Mangalam Birla rejoined the company’s board recently.