In a letter to employees accessed by the paper, the telco’s chief executive officer Gopal Vittal acknowledged times were tough for the telecom industry, but also pointed out the opportunities with three players the others being Vodafone Idea and Jio serving a 1.3 billion customer market.
Bharti Airtel lost its number one position in ranking following the merger of Vodafone India with Idea Cellular last week.
Vittal, in the letter, said that the telco has weathered through all the challenges in the telecom industry, after Reliance Jio. “Where then are we? We are stronger than ever before and continuing to grow market share … Our annual capex has grown from a high of Rs 16,000 crore to a staggering Rs 24,000 crore, largely covered by our operational cash flows. Our balance sheet is solid and will remain so,” he said. – CNBC