VIL flags industry's unsustainable financial duress; hopes for Govt support

In the Chairman's letter to shareholders, Himanshu Kapania cited persistent challenges in the operating environment

Ailing telecom operator Vodafone Idea has flagged the industry's "unsustainable financial duress" in its latest annual report and hoped that the government would provide the necessary support to address "all structural issues" faced by the sector. In the Chairman's letter to shareholders, Himanshu Kapania cited persistent challenges in the operating environment, amid "unsustainable pricing" and "hyper-competition" during FY21. Mr. Kapania expressed hope that government will support efforts to generate reasonable returns on massive investments. "As the industry continues to remain under unsustainable financial duress, your company is hopeful that the government will provide the necessary support to address all structural issues faced by the sector," said Mr. Kapania who was elected by the VIL board as non-executive Chairman after Kumar Mangalam Birla stepped down from the position, in early August.