Vodafone Idea Accepts Four-Year Spectrum Payment Moratorium; Becomes First Telco To Accept The Option
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.
