A lifeline or mere respite? The mega FPO offers a ray of hope for Vi, but daunting challenges, including debt and fierce competition, loom as it strives for a resurgence against Jio and Airtel.

Vodafone Idea (Vi) recently completed a successful Follow-on Public Offer (FPO), raising Rs 180 billion, the largest FPO in India to date. However, Vi still faces significant challenges, including a heavy debt load and fierce competition from Reliance Jio and Bharti Airtel. Vi plans to use the majority of the funds to expand its network infrastructure, including new 4G and 5G sites. Despite the FPO's success, Vi's journey to reclaim prominence in the telecom industry will be lengthy and challenging, as Jio and Airtel continue to dominate the market. The FPO offers a glimmer of hope for Vi, but its ability to effectively manage debt, invest in network and spectrum, execute a turnaround strategy, and adapt to the changing industry will ultimately determine its fate. [Extracted from the article]