'Hopeful of govt support': Vodafone Idea chairperson tells shareholders

Vodafone Idea (Vi) is hopeful of government support in generating reasonable returns on its investment and addressing the challenges plaguing the telecom sector, the company’s chairperson Himanshu Kapania said in a letter to shareholders.

Kapania took over from Kumar Mangalam Birla on August 4, days after the Supreme Court rejected its application for a correction in the calculation of adjusted gross revenue dues.

The telecom company’s operational performance has been impacted by intense competition, low tariffs and a debt of Rs 1.9 trillion leaving it with little surplus for network upgrade. The company has sought an additional one year moratorium