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<\/span><\/figcaption><\/figure>NEW DELHI: Kumar Mangalam Birla<\/a>, the chairman of Aditya Birla Group<\/a> (ABG) said he is ‘absolutely committed’ to stay invested in the ailing telecom operator Vodafone Idea<\/a>.

“As of now, we are very committed. The intent is to find a financial partner to come and invest in the company,” Birla told BQ Prime in an interview, on the sidelines of the World Economic Forum<\/a> in Davos, adding that the worst is behind the telco.

“I think that’s in the works [equity conversion]... most important thing to do now is to get funding for which discussions are happening with investors around the world… not the most easiest to happen because the company was in trouble as we know. Therefore, it takes some time for people to start feeling confident about the business,” Birla said.

Birla, who stepped down as non-executive director and non-executive chairman from Vodafone Idea’s board in August last year, said the telco’s performance seems to be improving quarter-on-quarter and that the government’s relief package has been a huge booster for the entire sector.

“The operational performance is much better. The government package is a huge investment.. So we do think we are on the cusp of some good things happening,” Birla told BQ Prime.

The cash-strapped telco’s managing director Ravinder Takkar, in a freewheeling interview with ET, has recently said Vodafone Idea is closer than it “has ever been” to tying up the roughly Rs 20,000 crore more it needs from lenders and external investors to take on rivals Reliance Jio and Bharti Airtel more effectively in the market, the cash-strapped telecom operator’s managing director said.

Dismissing concerns that the ABG had almost given up on Vodafone Idea’s business prospects some time ago, he said, “We never really had given up but we didn’t want to invest until we were convinced that there would be a return to that investment, or at least a fair amount of return. There seems to be turnaround in the sector.”

Vodafone Idea had opted to defer paying its adjusted gross revenue and spectrum dues to the government by four years, under a government relief package for the telecom industry<\/a>. The telco has also opted to convert the interest that accrues on the deferred dues into government equity, which works out to be a 33% stake in the company.

\"Vodafone<\/a><\/figure>

Vodafone Idea closer than ever to raise Rs 20,000 crore from lenders, external investors: Ravinder Takkar<\/a><\/h2>

Completion of the exercise to issue the company’s shares to the government against interest on deferred statutory payment is “just around the corner”, Ravinder Takkar told ET. This is the last box that needs to be checked before the funding is arranged, added the 53-year-old, who has been at the helm of the loss-making telco since August 2019.<\/p><\/div>

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<\/span><\/figcaption><\/figure>NEW DELHI: Kumar Mangalam Birla<\/a>, the chairman of Aditya Birla Group<\/a> (ABG) said he is ‘absolutely committed’ to stay invested in the ailing telecom operator Vodafone Idea<\/a>.

“As of now, we are very committed. The intent is to find a financial partner to come and invest in the company,” Birla told BQ Prime in an interview, on the sidelines of the World Economic Forum<\/a> in Davos, adding that the worst is behind the telco.

“I think that’s in the works [equity conversion]... most important thing to do now is to get funding for which discussions are happening with investors around the world… not the most easiest to happen because the company was in trouble as we know. Therefore, it takes some time for people to start feeling confident about the business,” Birla said.

Birla, who stepped down as non-executive director and non-executive chairman from Vodafone Idea’s board in August last year, said the telco’s performance seems to be improving quarter-on-quarter and that the government’s relief package has been a huge booster for the entire sector.

“The operational performance is much better. The government package is a huge investment.. So we do think we are on the cusp of some good things happening,” Birla told BQ Prime.

The cash-strapped telco’s managing director Ravinder Takkar, in a freewheeling interview with ET, has recently said Vodafone Idea is closer than it “has ever been” to tying up the roughly Rs 20,000 crore more it needs from lenders and external investors to take on rivals Reliance Jio and Bharti Airtel more effectively in the market, the cash-strapped telecom operator’s managing director said.

Dismissing concerns that the ABG had almost given up on Vodafone Idea’s business prospects some time ago, he said, “We never really had given up but we didn’t want to invest until we were convinced that there would be a return to that investment, or at least a fair amount of return. There seems to be turnaround in the sector.”

Vodafone Idea had opted to defer paying its adjusted gross revenue and spectrum dues to the government by four years, under a government relief package for the telecom industry<\/a>. The telco has also opted to convert the interest that accrues on the deferred dues into government equity, which works out to be a 33% stake in the company.

\"Vodafone<\/a><\/figure>

Vodafone Idea closer than ever to raise Rs 20,000 crore from lenders, external investors: Ravinder Takkar<\/a><\/h2>

Completion of the exercise to issue the company’s shares to the government against interest on deferred statutory payment is “just around the corner”, Ravinder Takkar told ET. This is the last box that needs to be checked before the funding is arranged, added the 53-year-old, who has been at the helm of the loss-making telco since August 2019.<\/p><\/div>