Vodafone Idea Ltd. (VIL) said on Tuesday that the Center has to decide what to do with its stake in the company. The company has nothing in its hands in this regard. The company has said this amid reports that the government has sought suggestions from some government funds to sell its stake in the telecom company possibly. During the first quarter of the financial results of Vodafone Idea, Chief Executive Officer (CEO) Akshay Mundra said in a 'conference call' that after the tariff hike, some of the company's customers are turning to BSNL. The company is monitoring the situation.

The government is free to make its own decision.

However, he believes that given Vodafone Idea's 4G coverage, quick decisions to 'port out' based on a tariff hike may not be sustainable eventually. On media reports that the government may explore whether the sovereign wealth fund would be interested in taking its stake in the company, Mundra said, "We have not had any discussions with the government on this. All we have to say is that as a public shareholder, they are free to decide on their investment."

The government is in favour of keeping three private companies.

He said, "The reform package was announced to support the company, and the government has clearly favoured three private companies in the sector. Converting the dues into equity was a means to support the company's book." In response to a question about the ground-level impact of the recent tariff hike, he said that although it is too early to conclude this. However, the fact is that this time, the initial price increase has been minimal, so the rate of customers leaving the company should be low.

How was the company's result

Vodafone Idea released its financial results on Monday. According to this, the debt-ridden telecom company's net loss in the first quarter of the current financial year has come down to Rs 6,432.1 crore. The company's loss has reduced due to the increase in the number of 4G customers. The company's revenue in the June quarter fell by 1.3 per cent annually to Rs 10,508.3 crore.