Vodafone Idea Limited (VIL), one of India's leading telecom operators, has announced that its shareholders have approved the appointment of Abhijit Kishore as the company's new Chief Executive Officer. The decision was made through a postal ballot conducted via remote e-voting, with an overwhelming majority of shareholders supporting the move.

Voting Details

The special resolution for Mr. Kishore's appointment was passed with 99.52% of votes in favor. Here's a breakdown of the voting results:

Voting Process

The e-voting process commenced on October 13 and concluded on November 11. A total of 38,29,23,84,281 votes were polled out of 1,08,34,30,35,001 outstanding shares, representing a 35.34% participation rate.

Shareholder Composition

The voting included participation from various shareholder categories:

1. Promoter and Promoter Group
2. Public Institutions
3. Public Non-Institutions

Official Confirmation

The scrutinizer's report, dated November 12, confirmed that the resolution was duly approved with the requisite majority. Pankaj Kapdeo, Company Secretary of Vodafone Idea Limited, signed off on the official disclosure to the stock exchanges.

Implications

The strong support for Abhijit Kishore's appointment as CEO suggests that shareholders have confidence in his ability to lead Vodafone Idea. This decision comes at a crucial time for the telecom sector, which continues to face challenges and opportunities in the evolving digital landscape.

As Mr. Kishore takes the helm, stakeholders will be watching closely to see how he navigates the company through the competitive telecom market, addresses existing challenges, and capitalizes on growth opportunities in the sector.

The appointment of a new CEO often signals a potential shift in strategy or a renewed focus on specific business areas. Investors and industry observers will likely be keen to see if Mr. Kishore's leadership brings any notable changes to Vodafone Idea's operations or market approach in the coming months.

Vodafone Idea Limited (Vi), one of India's leading telecom service providers, has reported an Adjusted Gross Revenue (AGR) of Rs 78,500 crore and announced plans to expand its 4G network coverage. The company aims to increase its 4G population coverage from the current 84.4% to 90% within a couple of quarters, requiring a capital expenditure of Rs 40 billion.

Financial and Legal Developments

CEO Abhijit Kishore expressed hope for a long-term government solution to the company's financial challenges. Vodafone Idea welcomed the Supreme Court's ruling allowing the government to reconcile all dues till fiscal 2016-17. The telecom operator is actively engaged with banks and NBFCs for funding, with the government now holding a 49% stake in the company.

Vodafone Idea had sought a waiver of penalty and interest on a Rs 9,450 crore AGR demand from the Department of Telecommunications. The government became the largest shareholder after acquiring Rs 36,950 crore worth of shares in lieu of spectrum auction dues in March, adding to its earlier 33% stake acquired in 2023.

Financial Performance

The company's recent financial results show mixed performance:

• Consolidated net loss narrowed to Rs 5,524.00 crore from Rs 6,608.00 crore in the previous quarter
• Revenue from operations increased 1.6% sequentially to Rs 11,195.00 crore
• Average Revenue Per User (ARPU) rose nearly 9% year-on-year to Rs 180.00

Network Expansion and 5G Rollout

Vodafone Idea continues to focus on expanding its 4G and 5G coverage:

• 4G data capacity increased by about 38% compared to March
• 4G speeds improved by approximately 17% in the same period
• Total broadband site count reached around 527,000
• Over 1,500 new unique 4G towers added in the last quarter
• 5G services are now available in 29 cities across all 17 priority circles

Customer Base

The company's customer metrics show some positive trends:

Conclusion

Despite ongoing financial challenges, Vodafone Idea's focus on network expansion and quality improvement demonstrates its commitment to enhancing customer experience and strengthening its position in the competitive Indian telecom market. The company's ability to execute its expansion plans while managing its financial obligations will be crucial for its future growth and sustainability.