Why do you think the government would "take up" Vi? Owning a majority stake in a company is significant, yes, but it's far from "taking it over". As far as the government is concerned, Vi is no longer a cash cow. Economically speaking, taking over Vi would be the last thing they do. They'd rather let the telecom industry run by a common equal set of rules now, since Jio is already on top. They've achieved all the objectives they set out to achieve, thin the herd and bleed out the strongest ones to set the stage for Jio to dominate the next decade or half.
It's a win-win for the government at this point. The largest dues owed by Vi were to the government, and now that's just equity, diluting the stakes of every other shareholder, investor, and promoter. If the rules stay the same, Vi will turn profitable in a year or two. Jio isn't profitable, but the parent company seems to have earned the trust of the international community, so it's a bubble. Even if Vi goes down the drain, the government will auction off the assets to the highest bidder, and I needn't say whose balance sheets are the best at this point. If the government has learnt anything from the Air India and PSU conundrums, especially the BJP-led NDA, it's not to run companies but to let them run and milk them as well as possible.
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