2 days Ago By Moneycontrol
Vodafone Idea (Vi) has begun its search for a new chief executive officer as Akshaya Moondra’s term ends in August, LiveMint has reported. The hunt for the new CEO comes as the debt-riddled telecom received a major boost after the government decided to convert Rs 36,950 crore dues to equity, more than doubling its stake in the company. Vodafone Idea may look at CXOs from industries such as consumers and technology sectors with a strong understanding of distribution, the report cited a source as saying.
Moneycontrol couldn't verify the report independently. Moondra, who was the chief financial officer, took over as the CEO in August 2022, replacing Ravinder Takkar . The new CEO will take charge at a time when the company is undergoing big changes.
On March 29, the company announced that the government will convert Rs 36,950 spectrum auction dues into equity shares worth Rs 36,950 crore , increasing its stake in the company from 22.6 percent to approximately 49 percent. The move will offer some relief to the company.
However, experts have said only a portion of the telco's total dues, which stood at Rs 2.3 lakh crore as of December 2024, have been taken care of. Also read: Bankers say govt's increased stake not enough to lend to Vi Vodafone Idea is aggressively expanding its 4G and 5G network.
It has earlier confirmed to Moneycontrol that it is in "exploratory talks" with Elon Musk's Starlink . "We are in discussions with not only Starlink, but two-three others as well. We will see where it goes, depending on our strategy," Vodafone Idea's Chief Technology Officer (CTO) Jagbir Singh told Moneycontrol.
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