Debt-ridden telecom giant Vodafone Idea Ltd on Monday announced that it has revamped itself. The company has now acquired a unified brand identity 'Vi' to strengthen its position as a major telecom operator and provider in the country. Vi will be pronounced as 'we' and will also get a refurbished logo.
Owing to the AGR dues, the company has been losing customers and the unified brand identity will get its position back. This single brand will help reduce costs and will pose a massive challenge to the two other major telecom companies in the country.
According to the press release issued by the company, the unified brand identity marks the culmination of the largest telecom integration in the world.
Notably, the company's rebranding will emphasize on the digital-first environment to attract India's fastest-growing mobile user base.
As soon the rebranding plan was made public, shares of the telecom company saw a spike by over 4 percent.
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Expressing his views on the development, Ravinder Takkar, MD and CEO, Vodafone Idea Limited said, " “Vodafone Idea came together as a merged entity two years ago. We have, since then focused on integrating the two large networks, our people and processes. And today, I am delighted to present Vi.”
He said the unified brand will focus on improving digital services for customers in India.
The development, however, comes at the time when the company is facing cut-throat competition and stress in the nation's telecom sector.
The company planned to rebrand its image after its firm's board agreed to raise Rs 25,000 crore through share sale and other strategic measures, aimed at clearing AGR dues as directed by the Supreme Court.