Time to reset economy

Get App

Time to reset economy

you are here: HomeNewsBusiness
Last Updated : Dec 06, 2019 05:41 PM IST | Source: Moneycontrol.com

Vodafone Idea will shut in absence of govt relief, says Chairman Kumar Mangalam Birla

Birla said the company will have to opt for insolvency route in the absence of relief

Vodafone Idea will have to be shutdown if the government doesn't provide relief that the company has sought, its Chairman Kumar Mangalam Birla said on December 6.

Birla was responding to a query, posed at the Hindustan Times Leadership Summit, about the company's course of action going forward in the absence of government relief.

Birla said the Aditya Birla Group will not invest any money in the company in the absence of relief from the government. "There is no sense that good money should follow bad money," he stated.


Birla said the company will have to opt for insolvency route in the absence of relief.

Birla’s comments comes close on the heels of Vodafone Group CEO Nick Read statement in November that the company may head for liquidation of its India business if the government does not ease spectrum fees. Read had called the situation “critical, if you don’t get the remedies being suggested.”

Vodafone Idea ended at Rs 6.90, down Rs 0.41, or 5.61 percent on the BSE.

(With inputs from PTI)

Get access to India's fastest growing financial subscriptions service Moneycontrol Pro for as little as Rs 599 for first year. Use the code "GETPRO". Moneycontrol Pro offers you all the information you need for wealth creation including actionable investment ideas, independent research and insights & analysis For more information, check out the Moneycontrol website or mobile app.
First Published on Dec 6, 2019 11:58 am
Follow us on