September 23, 2021 4:52:56 am
Vodafone Idea (Vi), which has been trying to raise some funds for some time now, has seen renewed interest from investors following the reforms announced by the Department of Telecommunications (DoT), the company’s MD, Ravinder Takkar, said.
“For us, it (telecom package) opens the door for new investments. We have been in the process of fundraising for a while. There were concerns with respect to the investments in India and in the telecom sector even though they liked the sector and they liked the country. Those fears have now been removed. We think there is an opportunity for additional fund raising,” Takkar said in his first media interaction following the announcement of the telecom reforms package.
The promoters, Vodafone Plc and the Aditya Birla group, who have in the past said that they would not be investing more funds into the company, will also have the option to participate in the new round of fundraising that the company is doing, Takkar said.
“As a company we feel very confident about the fundraising given all the scenarios that we talked about. I think how much they (the promoters) will participate, what they participate in and what their intent is, is a question they have to answer. Certain as a company I think we are in a much better position to raise additional funding required by us to continue to be more competitive in the market,” he said. The company’s MD, however, did not specify if the new investments would be from a clutch of different investors or if the company was looking to bring in a new partner on board.
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