Voda Idea promoters ready to put in more funds: Moondra

The CEO says discussions with external investors have picked up pace over the past month

- Gulveen Aulakh

Vodafone Idea Ltd promoters are ready to put in additional equity investments, chief executive Akshaya Moondra said, adding that discussions with external investors have picked up pace over the past month after the conversion of equity by the Indian government, with at least three such ongoing discussions.

In a conference call after its March quarter earnings, the top boss of the Aditya Birla Group-promoted carrier said that it was working to raise funding from external investors, which was held up due to a delay in the equity conversion by the government.

“Promoters have contributed equity in the past, and they are also ready to contribute some more equity. The third leg of funding has to come from external investors to bring in equity, and I would say currently, multiple discussions are on, and these discussions have become active in the last one month or so after the government (equity) conversion. We are progressing well on these at least three discussions which are on, and we expect to progress on this and conclude funding," he said.