Vodafone Idea (Vi), one of India’s cornerstone telecom operators, has taken a decisive step in its quest for survival and relevance in a fiercely competitive landscape by appointing Abhijit Kishore as its new Chief Executive Officer, effective August 19, 2025.
Kishore, an industry veteran with nearly three decades of experience, steps into the hot seat at a time when challenges facing Vi are more existential than operational. The torch passes from Akshaya Moondra, whose three-year tenure was marked by bold attempts to stabilize finances, drive network upgrades, and keep the company afloat despite formidable headwinds.
Who Is Abhijit Kishore?
Abhijit Kishore is far from a newcomer to Vi. Having joined the organization in 2015, he has played a pivotal role in several transformational moments as Chief Operating Officer and Chief Enterprise Business Officer. Kishore led Vi’s enterprise business toward new digital solutions like IoT and managed services, and was instrumental in launching India’s first 4G network in Gujarat and Kerala circles.
His career also saw key leadership roles at Tata Teleservices and Reliance Communications, making Kishore adept at navigating the complex regulatory, financial, and operational challenges endemic to Indian telecom. Kishore is an alumnus of Delhi University and FORE School of Management, and has undergone advanced leadership programs at IIM Ahmedabad and London Business School.
The Challenge: A Company at the Brink
Vi’s current position is precarious. The company is critically burdened with massive debt, reported at INR1,873billion as of March 2025, and continues to face a daunting regulatory overhang, particularly relating to adjusted gross revenue (AGR) dues. Its debt-to-EBITDA ratio hovers at an unsustainable 20x, with AGR dues alone exceeding INR58,000crore. Without immediate relief or fresh funding, Vi has publicly warned it may not survive beyond FY2025–26, as it faces an insurmountable Rs18,000crore payment in March 2026.
This existential threat isn’t just a theoretical concern—it could drastically reduce market competition, trigger industry-wide banking disruptions due to exposure, and result in job losses on a massive scale.
Stabilization of an Ailing Giant
The past few years have seen Vi undertake ambitious initiatives—network expansion, launch of 5G services in 22 cities, and ARPU growth by nearly 15% to Rs177. Despite these operational improvements (including a 5% YoY rise in revenue and improved EBITDA margins), losses continue mounting, with Q1FY26 registering a Rs6,608crore net loss. The company’s efforts to raise funds, such as the successful Rs18,000crore FPO and the company’s app enhancements, were significant milestones, yet not sufficient to resolve Vi’s deeply rooted financial malaise. And while the organisation has begun to show signs of a decisive turnaround, the path ahead remains fraught with uncertainty.
The Path Forward: Kishore’s Mandate
Taking the reins, Kishore inherits a business grappling with fierce competition from Jio and Airtel, which boast deeper pockets, wider subscriber bases, and more advanced networks. Vi’s declining market share and chronic underinvestment have left its network infrastructure struggling to match rivals. Kishore’s experience in P&L management and operational turnaround will be pivotal in steering Vi through its crisis. He must urgently address several fronts:
- Funding and Debt Relief: Winning government support or relief on AGR dues, and attracting strategic investors amid regulatory ambiguity.
- Operational Excellence: Accelerating network modernization, scaling up 5G deployments, and leveraging recent subscriber growth in 4G/5G.
- Customer-Centric Innovation: Expanding digital services, tapping new enterprise solutions, and differentiating Vi through service innovation.
- Market Positioning: Reinvigorating Vi’s brand and value proposition to reclaim market share from rivals.
A Clear Signal for a Better Future
While Vi’s future as a competitive independent operator is under threat, Kishore’s deep institutional knowledge, diverse leadership experience, and commitment to digital transformation offer a pragmatic hope. His credibility within the organization and broader industry will be instrumental in negotiating with stakeholders—be it government officials, investors, or internal teams. The three-year mandate places him at the heart of not just company survival, but reshaping India’s telecom landscape.
Kishore’s appointment is less a changing of the guard, and more a rallying cry for Vi’s urgent reinvention. If he succeeds, Vi may yet transition from crisis to resurgence, with a revitalized focus on customer needs, network quality, and financial sustainability. Should he falter, the consequences extend beyond Vi, threatening the competitive balance and innovation trajectory of Indian telecommunications.
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