Vodafone Idea is Hopeful of govt support: Vi chairperson
Published On: Tuesday, September 7, 2021 | By: Team KnowMyStock
Vodafone Idea (V I) is hopeful of government support in generating reasonable returns on its investment and addressing the challenges plaguing the telecom sector, the company’s chairperson Himanshu Kapania said in a letter to shareholders. Kapania took over from Kumar Mangalam Birla on August 4, days after the Supreme Court rejected its application for a correction in the calculation of adjusted gross revenue dues. The telecom company’s operational performance has been impacted by intense competition, low tariffs, and a debt of Rs 1.9 trillion leaving it with a little surplus for network upgrade. The company has sought an additional one-year moratorium on spectrum dues and is pitching for a decision on floor price for telecom.
“As the industry continues to remain under unsustainable financial duress, your company is hopeful that the government will provide the necessary support to address all structural issues faced by the sector. Your company with a history of providing 25 years of mobile services to the country is hopeful that the government will support its efforts to generate reasonable returns on their massive investments,” Kapania wrote in the letter, which is a part of company's latest annual report. He added that the company will continue to focus on network improvements as it awaits a government decision.
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