Government concerned over Vi’s delay in raising funds

Ashwini Vaishnaw, communications and IT minister, Thursday said the government is concerned over the fundraising delay faced by Vodafone Idea. The ailing telecom operator has not been able to get either equity infusion by the promoters or funding through investors.

“Of course, there is a concern because investment is supposed to come. And only after investment, the company can revive. Everyone is concerned,” Vaishnaw said, adding that the government is encouraging promoters to invest in the firm.

The government had in February converted Vodafone Idea’s interest dues worth Rs 16,133 crore into equity, following assurance from the promoters that they will bring in fresh investment.

However, Vodafone Plc, which holds a 32% stake in Vodafone Idea, last week did not indicate any fund infusion on its part in its FY23 earnings.

On Thursday, Vodafone Idea said its consolidated loss narrowed to Rs 6,418.9 crore in the quarter ended March 31. The Indian Express