Birla offers Voda Idea stake to government
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Birla offers Voda Idea stake to government
Pankaj Doval / TNN / Aug 3, 2021, 04:05 IST
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NEW DELHI: Unable to work out a revival for the ailing telcom company Vodafone Idea (VIL), company chairman Kumar Mangalam Birla has offered his group’s stake to the government or any other entity that it deems fit, saying that the measure is required in “national interest” as the operations are headed towards an “irretrievable point of collapse”.
Birla’s appeal, through a letter written to cabinet secretary Rajiv Gauba on June 7, displays a last-ditch effort by the Indian group which holds around 27% stake in VIL (UK’s Vodafone Plc holds about 44%) to salvage the company ahead of possible defaults on statutory payments and bank dues.