InvestorQ : Is it true that Mr. KM Birla has stepped down from the chairmanship of Vodafone Idea?
Anamika Sodhani made post

Is it true that Mr. KM Birla has stepped down from the chairmanship of Vodafone Idea?

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Angel dcosta answered.
4 months ago
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Yes it is true that Kumar Mangalam Birla has officially stepped down as the non-executive chairman of Vodafone Idea. His resignation has already been accepted by the Board and Himanshu Kapasi has been nominated in his place. This comes a day after Mr. Birla had indicated his willingness to transfer his 27% stake in Vodafone Idea to the government. Birla was open to the idea of a government syndicated institutional rescue for Vodafone.

With Vodafone UK and Birla group unwilling to infuse any further funds into Vodafone Idea and investors unwilling to enter without clarity on AGR, the only option is a government syndicated rescue mission. It is now hoped that the government can save the company from collapse and protect jobs an livelihoods. Government may now look to syndicate a buyout or even a PE deal. Vodafone Idea still has AGR outstanding of Rs.50,000 crore.

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