Vodafone Idea has unveiled an integrated brand it calls "Vi" (read as 'we'), which stamps the completion of a partnership between two giants in the field of telecommunications.
One of the most valuable telecom firms in India, Vodafone Idea's change of identity is part of a new start three years after the British telecom company's Vodafone Group's India operations and tycoon Kumar Mangalam Birla's Idea Cellular joined forces in the country.
In a media release, Vodafone Idea chief executive officer and managing director Ravinder Takkar said the brand infusion not only underscores the realization of the world's biggest telecoms coalition but also prepares the company on its upcoming ventures to deliver world-class technology to India's 1 billion people.
The merger was made days after the Supreme Court's decision on the revised gross sales dues case and the approval by the board of directors of Vodafone Idea to secure an investment of up to Rs25,000 crore to bail the cash-strapped group out of a deep debt hole.
According to Vodafone Idea Ltd chairman Kumar Mangalam Birla, India's vast wireless infrastructure is unparalleled in terms of reach and impact in the community. With the fresh branding, Birla said the company stands ready and determined to collaborate with the government to fast-track the country's push toward a highly-competent digital country.
The stock price of Vodafone Idea was up more than 4 percent, compared with a 0.06 percent decline in the Nifty 50. The stock closed at 12.40 on Monday, following the disclosure of the company's rebranding.
With more than 400 million paid subscribers, Vodafone Idea was once the most dominant telecom company in India. It has shed over 100 million subscribers in the past years as a result of the entry of a new player, Jio Platforms, which has raised an impressive $20 billion in funding from powerhouse companies like Google and Facebook in recent months.
Meanwhile, a Reuters report has it that Verizon Communications and Amazon are considering pouring around $4 billion into Vodafone Idea. While the news pushed up Vodafone's share price, its executives clarified that at the moment, no such plan is being discussed.
