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NEW DELHI: After stepping down as non-executive director and non-executive chairman of Vodafone Idea almost two years ago, Kumar Mangalam Birla has been appointed as an additional director on the board of directors of the mobile network operator with effect from April 20. He also serves as the chairman of conglomerate Aditya Birla Group, which held an 18. 07% stake in Vodafone Idea as of December 31, according to data on Vodafone Idea’s website.
Earlier in the day, the telecom company said Krishna Kishore Maheshwari, a former top executive at Aditya Birla Group-owned Ultratech Cement, had quit as a non-executive director, citing personal reasons. Vodafone Idea’s net debt stood at Rs 2. 23 lakh crore ($27. 2 billion) before the government in February converted the nearly $2 billion of dues that it was owed into equity, becoming the company’s biggest shareholder. In 2021, the government approved a rescue package for debt-strapped telecom companies, allowing them to convert interest on deferred adjusted gross revenue owed to the government into equity.
Earlier in the day, the telecom company said Krishna Kishore Maheshwari, a former top executive at Aditya Birla Group-owned Ultratech Cement, had quit as a non-executive director, citing personal reasons. Vodafone Idea’s net debt stood at Rs 2. 23 lakh crore ($27. 2 billion) before the government in February converted the nearly $2 billion of dues that it was owed into equity, becoming the company’s biggest shareholder. In 2021, the government approved a rescue package for debt-strapped telecom companies, allowing them to convert interest on deferred adjusted gross revenue owed to the government into equity.
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