India’s Vodafone Idea is facing potential collapse amid rising competition and huge back-dated fees, and majority owner Vodafone Group has indicated it will not offer further bail-out. Even VI’s main rivals, Bharti Airtel and Reliance Jio, have said it would be bad for the Indian market to have only two strong mobile operators, should their competitor exit or fail. One option to save VI is reported to be a merger with state-owned BSNL, but since it is also under huge financial and operational pressure, this could be a case of tying two bricks together and hoping they float. Kumar Mangalam Birla, chairman of Aditya Birla Group, which owns 27% of VI, has offered to give up its stake to ensure…