Kumar Mangalam Birla to Step Down as Vodafone Idea Non-Exec Director & Chairman

Himanshu Kapania, a telecom veteran, has been named Non-Executive Chairman instead, reports said.

Kumar Mangalam Birla has said that he is ready to hand over his stake in Vodafone-Idea to any government entity.

(Photo: PTI)

Kumar Mangalam Birla's request to step down as Non-Executive Director and Non-Executive Chairman of the Board of Vodafone Idea Ltd has been accepted by the company's board, Mint reported on Wednesday, 4 August.

"The Board of Directors of Vodafone Idea Limited, at its meeting held today, have accepted the request of Mr Kumar Mangalam Birla to step down as Non-Executive Director and Non Executive Chairman of the Board with effect from close of business hours on 4 August 2021," the company said on Wednesday, according to the report.

Himanshu Kapania, a telecom veteran, has been named Non-Executive Chairman instead, reported NDTV.

This comes days after it was reported that Kumar Manglam Birla, the chairman of Aditya Birla Group, had written to the cabinet secretary saying that he is ready to handover his stake in Vodafone-Idea to any government entity.

In his letter to the Cabinet Secretary, Birla warned of a "looming crisis" and offered to transfer his 27.66 percent stake in the telco to "any public sector/government/domestic financial entity, or any other the government may consider worthy, to keep (VIL) going".

On Tuesday, 3 August, shares of Vodafone-Idea Ltd hit a 52-week low of Rs 7.17 on the BSE and finally ended 10 percent lower at Rs 7.40 at the close of trading, according to a report by Business Standard. According to NDTV, the company lost over Rs 2,700 crore in the market cap on Tuesday.

The fall continued on Wednesday, reported IANS.

(With inputs from NDTV, Mint, IANS and Business Standard)