Mr Analjit Singh's association with the telecom has come a full circle with Vodafone appointing him as the non-executive Chairman of its Indian mobile venture. Mr Singh was the original promoter of the company, then known as Max Telecom.

He then set up a 51:49 joint venture with Hutchison Whampoa and then cashed out in 1998 for Rs 561 crore. His association with the telecom venture, however, continued as a minority investor even after Vodafone bought out Hutchison's stake.

Business Line spoke to Mr Singh on how he viewed the company and sector after all these years.

You have now come back to take a position in the company you founded, has anything changed since then?

When we started the company we called ourselves natural owners and I think the company is now back in that situation. Natural owners mean those who are passionate about the business and who knows the industry. We had that passion then and now Vodafone is the natural owner. It feels good to be part of this company again.

Any plans to increase your personal stake in the company?

There is no headroom for that. Vodafone still may have some headroom in terms of FDI limits but I don't see scope for an increase in my stake.

What's your vision for Vodafone India?

Vodafone has always been No. 1 or 2 in all the service areas it operates it. The promoters know that this is not a short term game, but a 10-to-15-year game. That's the reason when questions were raised in 2007 on their India investments, they had not set their sights on 2010 or 2015 but much beyond that. I can almost predict that Vodafone will continue to be a dominant player in this market along with Bharti Airtel. There is a belief that competition leads to acrimony but competition with someone like Bharti is good for the sector.

But can growth happen with so much regulatory mess in the sector?

I think the clean up process has begun. Now, the Government should be wise and they should not let the sector go to sea. I think we are in for cleaner times ahead.

The problem arose because there were 12-14 players in each circle which by any standards is more than what the market can support. Whatever has happened in the last 7-8 years won't happen again. The worst is behind us.

tkt@thehindu.co.in

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