Kumar Mangalam Birla losses $3bn on the back of the ongoing telecom wars.
Mounting Losses and Rising Debts: Kumar Mangalam Birla, whose group is the second-largest investor in Vodafone Idea has lost about a third of his fortune since the end of 2017 on the back of Vodafone Idea's mounting losses and rising debts.
Formed by the merger of Vodafone’s local unit and Birla’s cellular operator, Vodafone Idea last week reported the worst loss in India’s corporate history. Moreover, following the SC's AGR verdict, Vodafone Idea's CEO had recently said that unless the government eased off on some of the demands on mobile spectrum fees, the company risks liquidation.
Kumar Birla's net worth has shrunk from c. $6bn at present from $9.1bn two years ago. Financial Express
A Losing Star: Four years ago, Vodafone Idea (Idea Cellular earlier) was the most valuable member of the Aditya Birla group and the fastest growing mobile operator in the country with the industry's best financial ratios. In the first half of the current FY, it reported operating loss of INR1,037cr, down sharply from INR1,773cr operating profit an year ago and INR6,336cr profit during the first half ending September 2018. Read this article to know how "once a rising star...is now in the dumps."
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