Long way to go

Vodafone Idea will need more capital infusion

Vodafone Idea’s Rs 18,000 crore follow-on public offering (FPO), its last-ditch attempt after failing to raise funds over the past few years, has revived hopes of a turnaround for the cash-strapped telecom services company. The FPO has found significant support from overseas investors, and it has been subscribed nearly seven times, receiving a total of around Rs 90,000 crore in bids. While the successful FPO is a positive and may give Vodafone Idea a fresh lease of life, its impact may be limited, given the quantum of its losses and liabilities. The company was saddled with debt of around Rs