Vodafone Idea shares were trading firm by more than 4 per cent in a subdued market after Vodafone Idea re-branded itself as Vi to take on the intense competition in the country's telecom sector amid piles of debt. Vodafone Idea, a joint venture between Britain's Vodafone and India's Idea Cellular, said it will henceforth go by the brand name "Vi." At 12:50 pm, the shares of Vodafone Idea were trading at Rs 12.50, higher by 4 per cent on the BSE. The shares touched an intra-day high of Rs 13.12, up more than 10 per cent ahead of the announcement.
"Vodafone Idea came together as a merged entity two years ago. We have, since then, focussed on integrating two large networks, our people and processes. And today I am delighted to present Vi, a brand that will bring important meaning to lives of our customers. Indians are optimistic and want to get ahead in life," Ravinder Takkar, managing director CEO, Vodafone Idea, said.
The name Vi is much more than an abbreviation of Vodafone and Idea. Vi, read as 'we' reflects the collective nature of Indian society. It is not just about me, it's especially about "we", Vodafone Idea said in a press release. The unified brand will bet big on digital to attract customers and stem exits to rivals Bharti Airtel and Reliance Jio, Vodafone Idea added.
The BSE Sensex was trading at 38,320, lower by 30 points and the NSE Nifty was at 11,327.50, down six points at the time.