India News | Fundraise of Rs 18,000 Cr Fresh Lease of Life for Vodafone Idea: Kumar Mangalam Birla

Mumbai, Apr 25 (PTI) Aditya Birla Group Chairman Kumar Mangalam Birla on Thursday said the Rs 18,000-crore fundraise by Vodafone Idea is a "fresh lease of life" for the company.

The company, which has been struggling to hold on to subscribers amid very heavy competition in the sector, will focus on increasing its network and selectively introduce 5G services, Birla told reporters at the listing ceremony of the follow-on public offer.

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When asked if most of the problems for the company will get sorted with the capital raise, Birla answered in the affirmative.

"And this is like a sort of fresh lease of life for the company," he said.

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Birla declined to comment on the reports of a stake sale in Indus Towers.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)