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"Vi is built to be strong, ever-dependable, agile, intuitive, and a brand in tune with the needs of the customers, in these ever-changing times. It is designed to help customers move ahead in life, for a better today and a brighter tomorrow," the company said in a release.
Vi is future ready and is committed to dynamically serve and enable a digital society to progress in life, it added.
Launching the new brand, Ravinder Takkar, MD & CEO, Vodafone Idea, said, "Vodafone Idea came together as a merged entity two years ago. We have, since then focussed on integrating two large networks, our people and processes. And today I am delighted to present Vi, a brand that will bring important meaning to lives of our customers."
"The brand integration not only marks the completion of the largest telecom merger in the world, but also sets us on our future journey to offer world class digital experiences to 1 Billion Indians on our strong 4G network. VIL is now leaner and agile, and the deployment of many principles of 5G architecture has helped us transform into a future-fit, digital network for the changing customer needs," added Ravinder Takkar.
Meanwhile, Takkar was quoted by the media as saying that telecom tariffs in India should go up and the telco is ready to take the first step. He added that the sector regulator also needs to look into tariff charts.
Vodafone Idea's board on Friday (4 September) approved plans to raise funds upto Rs 25,000 crore via combination of equity and debt issue. The board decided to raise funds aggregating to Rs 15,000 crore via equity share sale and raise additional funds up to Rs 15,000 crore via a public offer or private placement of non-convertible debentures. However, the total fund raising will not exceed Rs 25,000 crore, the teleco said in a BSE filing.
Vodafone Idea, a Aditya Birla Group and Vodafone Group partnership, is an Indian telecom service provider. The company provides pan India voice and data services across 2G, 3G and 4G platforms.
The telco reported a consolidated net loss of Rs 25,460 crore in Q1 FY21, higher than net loss of Rs 4,873.90 crore in Q1 FY20. Gross revenue in Q1 June 2020 stood at Rs 10,659.30 crore, down by 5.4% from Rs 11,269.90 crore in Q1 June 2019.
Shares of Vodafone Idea were up 3.75% at Rs 12.46. It traded in the range of 12.20 and 13.21 so far during the day.
The stock has surged 377.39% from its 52-week low of Rs 2.61 hit on 15 November 2019.
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