Tycoon Loses $3 Billion as India’s Mobile War Weighs on Wealth
Kumar Mangalam Birla, chairman of Aditya Birla Group | Dhiraj Singh | Bloomberg
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New Delhi: Vodafone Idea will have to be closed down if the government doesn’t provide relief that the company has sought, its chairman Kumar Mangalam Birla said on Friday.

“We will have to shut shop,” Birla said on a query about the course of action for the company going ahead in the absence of government relief.

He was speaking at the Hindustan Times Leadership Summit here.

Birla indicated that his group will not invest any money in the company in the absence of relief from the government.

“There is no sense that good money should follow bad money,” he said.

Birla said the company will have to opt for insolvency route in the absence of relief.


Also read: How deferring spectrum fees will help ailing Vodafone Idea, Airtel


 

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  1. Is he threatening the users? Let him. Someone else will take the place. This vindicates my view that in India, most businesses run on the basis of loopholes in law and by evading tax. The moment they have to work within four corners of law, these businessmen decide to hang up the boots. Adverse effect of Demonetisation on informal business sector also proves this theory correct. With less cash going around, and compulsion of greater transparency, businesses start making losses. Honest business houses seem to be an exception in India.

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