Kumar Mangalam Birla joins VI board, steps down from Aditya Birla Sun Life AMC

Vodafone Idea (Vi), has announced the appointment of Kumar Mangalam Birla, Chief of Aditya Birla Group, as a non-executive director on its board. Birla returns to the board after 2 years. He had resigned from the position in August 2021 when Vi was experiencing financial difficulties. Aditya Birla Group holds an 18% stake in Vi, which has been incurring losses.This move comes at a time when Vi is struggling to raise funds and retain subscribers in the competitive market. The company is looking to improve its infrastructure and is seeking to raise funds from the market. Vi has a debt repayment of Rs 9,600 crore due in September 2023 and is in talks with key lenders such as SBI, PNB, and HDFC Bank to refinance with easier loan repayment terms. Recently, Krishna Kumar Maheshwari, a former managing director of UltraTech Cement and representative of the Aditya Birla Group on the Vi board, has resigned from his position due to personal reasons.

Meanwhile, Kumar Mangalam Birla has stepped down from his position as Chairman (Non-Executive Director) of the Aditya Birla Sunlife AMC to comply with SEBI Regulations. These regulations specify the maximum number of directorships an individual can hold in listed entities. This change took effect as of the close of business hours on April 19, 2023.