in

Exclusive: Additional Director Kumar Mangalam Birla Returns to Vodafone Idea

Kumar Mangalam Birla has returned to Vodafone Idea, a cash-strapped telco with a significant stake in ABG.

Back in 2021, when Vi’s situation was by no means improving, KMB made the decision to resign as the company’s chairman. Following the verdict, Vi’s stock on the Bombay Stock Exchange (BSE) crashed to a 52-week low price of Rs 4.55 per share. It might be advantageous for KMB to return to Vi in an official position.

HIGHLIGHTS

  • The renowned Indian telecommunications company Vodafone Idea (Vi) has welcomed back Kumar Mangalam Birla.
  • It is important to note that the Aditya Birla Group (ABG), whose chairman is Kumar Mangalam Birla (KMB), has a sizable interest in the cash-strapped Vi.
  • The telecom is having a difficult time keeping things under control because both its finances and business have been declining for a number of straight quarters.

The renowned Indian telecommunications company Vodafone Idea (Vi) has welcomed back Kumar Mangalam Birla. It is important to note that the cash strapped Vi is a substantial holding of the Aditya Birla Group (ABG), whose chairman is Kumar Mangalam Birla (KMB). Vi recently announced that KMB had been appointed as an extra director (non-executive and non-independent) with effect from April 20, 2023, by the board of directors of the firm.

Back in 2021, when Vi’s situation was by no means improving, KMB made the decision to resign as the company’s chairman. Following the verdict, Vi’s stock on the Bombay Stock Exchange (BSE) crashed to a 52-week low price of Rs 4.55 per share. It might be advantageous for KMB to return to Vi in an official position.

The telecom is having a difficult time keeping things under control because both its finances and business have been declining for a number of straight quarters. To improve conditions, the telecom needs a successful fundraising effort. In order to grow average revenue per user (ARPU), Vi must also raise rates, but doing so increases the risk of customer attrition.

The company’s Board of Directors has appointed Kumar Mangalam Birla as an Additional Director, effective from 20 April 2023, following the recommendation of the Nomination and Remuneration Committee.

What do you think?

Written by Shallu Srivastav

According to recent reports, the NHAI would build almost 10,000 kilometers of fiber infrastructure throughout India.

As Per Latest Information Disney+, Hot star, or an Amazon Prime membership are available with 5 of Airtel’s prepaid plans.