Vodafone Idea rebrand as ‘Vi’ in fight for telecom market share

NEW DELHI: Debt-ridden Vodafone Idea Ltd said on Monday it is rebranding itself, as the company, which has been losing customers, looks to change its image three years after announcing the merger of two of India’s biggest telecom service providers.

The company’s shares, which rose 10% in morning trade, were up 3.3% at 0750 GMT.

The loss-making telecom carrier on Friday approved fundraising of up to 250 billion rupees at a time it owes roughly 500 billion rupees ($6.81 billion) in dues to the government. The dues, according to an Indian Supreme Court order, will have to be paid over a ten-year period.

Vodafone Idea, a joint venture between Britain’s Vodafone Group and India’s Idea Cellular, said it will go by the brand name “Vi”.