Vodafone Idea will shut in absence of Government relief: Kumar Mangalam

Vodafone Idea’s financial position is so precarious that it will be forced to shut operations if the Centre does not offer a fiscal package for the telecom sector.

Speaking at a media event in New Delhi, Kumar Mangalam Birla, Chairman, Vodafone Idea, said: “I think we can expect much more stimulus from the government because it is required for the sector to survive. If we weren’t getting anything, then I think, it is the end of the story for Vodafone Idea.”

“It does not make sense to put good money after bad. We will shut shop,” he added. This comes after Vodafone Idea posted its biggest quarterly consolidated net loss of ₹50,921.9 crore for the second quarter ended September 30, impacted mainly by adjusted gross revenues (AGR) provisions.