Jammu, April 25 -- In a major boost for the struggling telecom operator, Vodafone Idea has announced plans to raise Rs 18,000 crore through a follow-on public offering. Speaking to reporters at the listing event, company Chairman Kumar Mangalam Birla said this fundraise will provide the telecom major with a "fresh lease of life".

Vodafone Idea has been facing immense challenges in recent years with declining subscriber numbers and losses due to the cut-throat competition in the industry. However, Birla is confident that this large capital infusion will help strengthen the company's network and bolster its position in the market.

The Chairman stated the priority now will be on expanding 4G coverage and selectively introducing 5G services...