Addressing shareholder queries on the firm’s annual normal assembly (AGM) on Wednesday, Vi Chairman Himanshu Kapania stated the precise quantity can be labored out upon submission of a brand new marketing strategy.
“The administration is engaged on a brand new marketing strategy and can come to the board with the funding necessities,” Kapania instructed shareholders in his first AGM as chairman.
Final September, the corporate introduced plans to lift Rs 25,000 crore by a mixture of debt and fairness, however the plan remained caught as a consequence of investor considerations.
Whereas a media report on Tuesday stated promoters could make investments Rs 10,000 crore, Vi is but to make clear on the problem.
Kapania, too, didn’t communicate on promoter funding on the AGM, however stated the reform package deal will create a optimistic affect on fund-raising and assist it in enhancing connectivity.
Vi inventory gained 2.46 per cent and closed at Rs 11.25 on the BSE on Wednesday.
The corporate additionally hopes to put money into 5G know-how every time the ecosystem is prepared and spectrum will get reasonably priced, he stated. The reforms convey fast monetary reduction and also will make sure the telecommunications (telecom) sector doesn’t flip right into a monopoly or duopoly.
Kapania reiterated that the working atmosphere remained a problem and there was a necessity to extend tariffs, that are unsustainable. Giving reductions to clients won’t be prudent presently, he responded to a shareholder question.
Shareholders additionally raised considerations about service high quality and requested concerning the firm’s plans to return to profitability.
The telecom firm has been struggling operationally and financially as a consequence of excessive debt and intense competitors. A query was raised on the dwindling subscriber base as properly.
Whereas the telecom firm had managed to trim subscriber losses within the third and fourth quarters of 2020-21, it misplaced 12.4 million subscribers within the June quarter of 2021-22. The corporate’s buyer base shrunk to 255.4 million subscribers, with the corporate blaming the erosion to the second wave of the Covid-19 pandemic.
First Printed: Wed, September 29 2021. 20:01 IST