Aditya Birla Group to invest ₹4,730 crore in Vodafone Idea as revival signal strengthens

Aditya Birla Group will invest ₹4,730 crore (about $500 million) in Vodafone Idea (Vi), reinforcing the debt-laden telecom company’s financial health and its capability to continue challenging bigger rivals Reliance Jio and Bharti Airtel.

The Vi board Saturday approved a preferential allotment of convertible warrants to Suryaja Investments, a Singapore-based entity of Aditya Birla Group, marking a fresh capital infusion from the company’s promoters. Upon full conversion, Suryaja Investments will hold up to 3.82% stake in Vi, according to a regulatory filing.