Vodafone and Idea on Monday announced the launch of new brand entity 'Vi' amid efforts to attract a new set of subscribers in the fiercely competitive telecom market.
"Two of India's most loved and admired brands are now 'Together For Tomorrow' giving birth to a new brand called "Vi" (read as "We"), the company said in a regulatory filing. Vodafone Idea competes with Reliance Jio and Bharti Airtel.
"With our new brand - Vi, we stand committed to partner the Government to accelerate India's progression towards a digital economy, enabling millions of citizens to connect to the digital revolution and build a better tomorrow," said Kumar Mangalam Birla, Chairman - Aditya Birla Group & Vodafone Idea.
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. Indians are optimistic and want to get ahead in life. They would love a credible partner to help them on this journey. Vi's positioning is built around this promise and will focus on meeting the customer needs to help them thrive."
The announcement came days after the Supreme Court directed telcos to pay 10 per cent of total adjusted gross revenue (AGR) dues in 2020, and rest of the payments in ten instalments, starting next fiscal. The board of the third largest telco in the country last week gave a nod to a plan to raise up to Rs 25,000 crore through a combination of equity and debt instruments.
"As the integration of the two businesses is now complete, it's time for a fresh start. That's why we believe that now is the perfect time to launch Vi, one company which combines the strengths of Vodafone India and Idea. Vi's focus will be to deliver to citizens and businesses in India a superior network experience, better customer service and leading products and services," said Nick Read, CEO, Vodafone Group Plc.
In Q1FY21, Vodafone Idea reported a steep rise in its losses to Rs 25,460 crore on account of high provisioning for statutory dues. The losses stood at nearly Rs 4,874 crore in the year-ago period. The revenue from operations came in at Rs 10,659.3 crore for the given quarter as against Rs 11,269.9 crore in the same period last year. The company said it has recognised an additional charge of Rs 19,440.5 crore in April-June quarter towards adjusted gross AGR liabilities.