Vodafone Idea's promoter Kumar Mangalam Birla on October 15 said the fundraise for the debt-ridden telecom operator has helped kickstart the capex cycle again.
He highlighted that Vi's follow-on-public offer (FPO) was the largest of its kind in India. "We had received bids worth more than Rs 90,000 crore... the response was an emphatic endorsement of the potential of Indian telecom sector," Birla said.
The fundraise, Birla said, enabled the company to kick start its capex cycle. Vodafone Idea has already announced the first phase of capex deals worth $3.6 billion with three global partners- Nokia, Ericsson and Samsung, Birla said.
"With continued support from the government, I am confident that we will do our part to realise the Prime Minister's Digital India destiny," Birla said at the India Mobile Congress 2024.
Moreover, Birla said India's third largest telecom operator is making "significant strides" in combating spam and fraud and has undertaken "critical steps" in its own transformation journey.
The Aditya Birla group chairperson also complimented the efforts of the government to recognise the importance of digital connectivity and introduce several reforms, adding that digital transformation is now moving beyond large businesses to small and medium enterprises.
"We at Vi are committed to providing max support by promoting digital transformation to India's small businesses with a focus on technologies like 4G, IoT, AI and Cloud," Birla said.
We can create a thriving digital ecosystem that can empower our MSMEs to drive India's economic growth, he added.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
