Ravinder Takkar has stepped down as the Managing Director and Chief Executive Officer of cash-strapped Vodafone Idea.

Takkar was appointed by the board of directors of the company on August 19, 2019 for a term of three years, which shall come to an end at the close of business hours on August 18. Takkar helmed the operations of the telecom company at a challenging time and saw through the merger between Vodafone India operations and Idea Cellular. However, the telecom company is under a huge debt of over Rs 1 lakh crore which has restricted its growth plans. Takkar, in a recent interview with BusinessLine had said the company was close to raising ₹20,000 crore in fresh funding but this has not come through yet.

Akshaya Moondra, currently the Chief Financial Officer of the company, has been appointed as the Chief Executive Officer for three years effective August, 19 2022.

Takkar shall continue to be a Non-Executive and Non-Independent Director of the Company post completion of his term as the MD & CEO of the Company.

Moondra has over thirty years of international experience and over 14 years’ experience in the Indian telecom sector.

Himanshu Kapania, Chairman, Vodafone Idea Limited, said, “The Board would like to thank Ravinder for his solid leadership of Vodafone Idea over the last three years. He has steered the company through the world’s largest telecom integration and made the company a future-fit Digital Telecom player. We are pleased to welcome Akshaya Moondra as our new CEO. He is well versed with the Vodafone Idea business context, and I am confident that he will successfully steer the company through the next phase of development and help unlock its full potential.”