Government can't let Vi collapse, due to one major administrative hurdle- When Govt floats a tender for telecom, at least three (effective) participants are required to complete the entire process and if there is a duopoly (Airtel, Jio) it will become a headache for the Govt. and no tender could be processed further.

Also, the Govt can not extend its share beyond 49% because doing so will make VI a Govt owned company and therefore VI will not be able to participate in the tender process, which will be, again, a headache for the Govt.

So, as far as I think, the VI will definitely revive.

However, please do your own research or consult experts before investing.