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Vodafone Idea has announced the appointment of Kumar Mangalam Birla as an additional director with immediate effect. This decision was made on the recommendation of the nomination and remuneration committee, and Birla will serve as a non-executive and non-independent director. Notably, Birla is returning to the board after stepping down as a non-executive director nearly two years ago in August 2021.
Birla serves as the chairman of the Aditya Birla Group, a conglomerate with interests in various industries including telecom. The Aditya Birla Group holds an 8.36% stake in Vodafone Idea.
In another development, the company announced that Krishna Kishore Maheshwari had tendered his resignation as a non-executive director with effect from close of business hours on 19 April 2023. In his resignation letter, Maheshwari cited personal reasons for his decision to step down from the board.
Vodafone Idea is an Aditya Birla Group and Vodafone Group partnership. The company provides pan India Voice and Data services across 2G, 3G and 4G platforms. It holds large spectrum portfolio including mid band 5G spectrum in 17 circles and mmWave 5G spectrum in 16 circles.
The company had reported net loss of Rs 7990 crore in Q3 December 2022, higher than net loss of Rs 7230.90 crore in Q3 December 2021. Net sales rose 9.2% year-on-year to Rs 10613 crore in Q3 December 2022, aided by improvement in subscriber mix, tariff intervention and 4G subscriber additions.
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