- Kumar Mangalam Birla has stepped down as the non-Executive Director and Non-Executive Chairman of Vodafone Idea with immediate effect.
- Birla has been spearheading the group’s telecom business since he took over as chairman of the Aditya Birla Group in 1995, at the age of 28.
- The latest move comes after Birla offered to hand over his stake in Vodafone Idea to the Government in exchange for a bailout package as the company is reeling under a massive debt of nearly ?1.8-lakh crore and a cash balance of only ?350 crore.
- Birla will be replaced by HimanshuKapania who is currently a Non-Executive Director. Kapania was earlier the Chief Executive Officer of Idea Cellular before it was merged with Vodafone’s India operations.