Vodafone Idea (Vi) is set to become the first telco to accept the deferred payment option provided in the telecom relief package rolled out by the central government last month.
Accordingly, Vi has informed the government that it will accept the four-year spectrum payment moratorium.
Similarly, it will communicate its decision on moratorium on adjusted gross revenue (AGR) payment and the option to convert interest on deferred payments into equity at a later date.
Vi has also enquired with the Department of Telecommunications (DoT) about when it will be getting back its bank guarantees related to spectrum payments.
“Vi has opted for the four-year spectrum moratorium and also sought details of the status of its BGs. Whether it opts for AGR moratorium and converts the interest on deferred payments into equity, will be told to DoT later,” an executive from the industry in the know of developments was quoted by the Economic Times.
The DoT sent letters to telcos like Reliance Jio, Bharti Airtel and Vi last Friday and offered them time till 29th October to respond on the moratorium options.
Vi has a total debt of Rs 1.9 lakh crore out of which Rs 1.6 lakh crore are statuary dues.
As you are no doubt aware, Swarajya is a media product that is directly dependent on support from its readers in the form of subscriptions. We do not have the muscle and backing of a large media conglomerate nor are we playing for the large advertisement sweep-stake.
Our business model is you and your subscription. And in challenging times like these, we need your support now more than ever.
We deliver over 10 - 15 high quality articles with expert insights and views. From 7AM in the morning to 10PM late night we operate to ensure you, the reader, get to see what is just right.
Becoming a Patron or a subscriber for as little as Rs 1200/year is the best way you can support our efforts.