Vi to retain managerial control; Tata Teleservices takes equity option

Vodafone Idea to retain full control; Tata Teleservices takes equity option

Vodafone Idea CEO Ravinder Takkar has stated that the operator’s current management will retain full control of the business despite yesterday’s announcement of the Indian government taking a majority holding in the operator.

Speaking at a press conference on the government’s involvement in Vodafone Idea’s future, Takker said: “It has been very clearly stated they do not want to run this company. They do not have the desire to take over operations. They want three private players in the market. They certainly do not want a duopoly or monopoly.”

He further added that Vodafone Idea had received assurances that the government had no intention of appointing members to the operator’s board, with parent firms Vodafone Group and Aditya Birla Group set to maintain the course of the business.

We reported yesterday that Vodafone Idea had exercised an option to convert its outstanding dues into equity, through which the Indian government will become its largest shareholder. It was the first operator in the market to do so, and has since been joined by Tata Teleservices, as reported by Tele.net.

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