Monday, April 24, 2023

Kumar Mangalam Birla's return to Vodafone Idea board sparks interest

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 after stepping down from his positions as non-executive director and non-executive chairman of Vodafone Idea almost two years ago. Additionally, he is the chairman of the Aditya Birla Group, a conglomerate with an 18. 

Prior in the day, the telecom organization said Krishna Kishore Maheshwari, a previous top chief at Aditya Birla Gathering claimed Ultratech Concrete, had stopped as a non-leader chief, refering to individual reasons. The net debt of Vodafone Idea was Rs 2. 27 crores ($23). 2 billion) before the government became the largest shareholder of the business in February after converting nearly $2 billion in dues into equity. In 2021, the public authority supported a salvage bundle for obligation tied telecom organizations, permitting them to change over interest on conceded changed gross income owed to the public authority into value.

This change in the board structure has sparked an interest in the share price of Vodafone Idea, which increased from Rs 6 to Rs 6.55 having an increase of 3% overall in the last few days. Share market analysts believe that this could be the turnaround that the company needs.

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