‘Willing to hand over VIL stake’

Birla tells Centre ‘overseas investors need clarity’ on norms

Vodafone Idea chairman Kumar Mangalam Birla has told the government that he is ‘willing’ to hand over his stake in the struggling telco to any entity, public or private, that could keep the company as a going concern. In a letter written in June to Cabinet Secretary Rajiv Gauba, the billionaire businessman also pointed out that potential foreign investors were hesitant to invest in Vodafone Idea Limited (VIL) due to lack of clarity from the government on issues such as adjusted gross revenue (AGR) liability, moratorium on spectrum payments and a floor pricing. Mr. Birla emphasised that without the government’s immediate active support on these three issues, Vodafone Idea’s financial situation would drive its operations to an “irretrievable point of collapse”.