NEW DELHI: Aditya Birla Group (ABG) chairman Kumar Mangalam Birla said he is ‘absolutely committed’ to stay invested in the ailing telecom operator Vodafone Idea.
“As of now, we are very committed. The intent is to find a financial partner to come and invest in the company,” Birla told BQ Prime in an interview, on the sidelines of the World Economic Forum in Davos, adding that the worst is behind for the telco.
“I think that’s in the works [equity conversion]... most important thing to do now is to get funding for which discussions are happening with investors around the world… not the most easiest to happen because the company was in trouble as we know. Therefore, it takes some time for people to start feeling confident about the business,” Birla said.
He said the telco’s performance seems to be improving quarter-on-quarter and that the government’s relief package has been a huge booster for the entire sector.
“The operational performance is much better. The government package is a huge investment.. So we do think we are on the cusp of some good things happening,” Birla said.
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