Vodafone Idea (Vi)’s 5G service launch will depend on factors like use cases, customer demand, competition, and more, said Managing Director and CEO Ravinder Takker at the 27th Annual General Meeting (AGM) of the company on Monday. Takker revealed that Vi has already taken Rs. 4,940 crore investment and is in active discussion with investors to acquire more funding. Vi recently bid to acquire 5G spectrum airwaves in India which has reportedly added an annual instalment liability of Rs. 1,680 crore on the company.
According to the Press Trust of India, Vi has proposed to appoint its chief financial officer Akshaya Moondra as the CEO of the company and move Takker to a non-executive director role.
The telecom company has acquired 5G spectrum worth Rs. 18,800 crore during the 5G spectrum auction in India. These include the 3.3GHz band in 17 priority circles and 26GHz bands in 16 circles.
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During the AGM meeting on Monday, Takker said, “5G roll-out will depend on various factors such as how use cases will evolve, demand from customers, capacity requirement as well as competitive dynamics.” However, the 5G bid has reportedly added an annual instalment liability of Rs. 1,680 crore on the company.
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In addition, Takker claimed that the current mobile services rates being offered by Vi are not sustainable and it needs to raise the tariffs further.