Vodafone Idea secures Rs 4730 crore funding boost from Aditya Birla Group
Vodafone Idea Ltd. received a ₹4,730 crore investment boost from its promoter Aditya Birla Group, as the debt-ridden wireless carrier tries to regain its footing and stay competitive in India’s telecom market, according to a Bloomberg report.
The company reported net income of ₹51,970 crore for its fourth quarter on Saturday, beating analyst estimates on a one-time gain. The equity infusion is critical for the firm’s survival as it races to cut debt and stem market-share losses to deep-pocketed Reliance Jio Infocomm and Bharti Airtel.
