Vodafone Idea on Friday said its adjusted gross revenue (AGR) liabilities stand at Rs 21,533 crore as per its self assessment, and that the calculation of dues has been filed with the telecom department.
The government on Wednesday asked Bharti Airtel, Vodafone Idea and other telecom companies to pay remaining AGR dues as per the Supreme Court order without further delay, according to sources.
Vodafone Idea, Bharti Airtel and Reliance Jio on Tuesday paid cumulative over Rs 6,000 crore to the government towards deferred spectrum dues while Tatas said it has deposited another Rs 2,000 crore for ad hoc statutory liabilities.
Vodafone Idea has demanded fixing minimum tariffs for mobile data at Rs 35 per GB, around 7-8 times of current prices, and for calls at 6 paise per minute along with monthly charges from April 1 to enable it pay statutory dues and make its business sustainable.
Telecom firm Vodafone-Idea Thursday said that it is not a "sound financial state" and sought help from the government over the pending AGR dues. The troubled company has written to the telecom department expressing its inability to pay full AGR dues unless the government takes urgent measures.
Shares of Vodafone Idea fell nearly 12 per cent on Monday after Bharti Infratel extended the deadline for its merger with Indus Towers by two more months to April 24.
Bharti Airtel Chairman Sunil Mittal on Thursday met Telecom Minister as AGR issue looms large on his company. After his meeting, Mittal described AGR crisis as "unprecedented" for Indian Telecom industry. Airtel has until March 17 to pay Rs 35,600 crore to the government as part of (Adjusted Gross Revenue) payment.
Telecom major Vodafone Idea's survival is under serious doubt as the company's ratings have been downgraded by three agencies in the span of just two days. After India Ratings, Brickwork Ratings, Crisil on Thursday downgraded Vodafone Idea's rating on non-convertible debentures of Rs 3,500 crores.
Telecom firm Vodafone Idea on Thursday paid Rs 1,000 crore to the Department of Telecommunications (DoT) towards its statutory dues. This was in addition to the part-payments Vodafone-Idea had made previously.
Former finance secretary Subhash Chandra Garg on Wednesday said the government should offer a one-time settlement scheme to the telecom companies to pay the principal due amount as per the AGR definition and waive the penal interest and penalties.
Vodafone Idea's shares on Wednesday closed over 38 per cent amid reports that the government in unlikely to invoke the company's bank guarantees as of now. On the BSE, the stock gained as much as 48.18 per cent to Rs 4.49 during the day.
Vodafone Idea Chairman Kumar Mangalam Birla met telecom secretary Anshu Prakash on Tuesday amid raising concerns that the company may head to insolvency if the government takes coercive action against the telecom companies for failing to pay AGR dues.
Shares of Vodafone Idea on Tuesday settled over 11 per cent down in the wake of continuing business uncertainty overpayment of statutory dues.
Shares of Vodafone Idea on Tuesday tanked over 16 per cent due to rating downgrade on AGR dues and other issues of the company. On the BSE, the stock plunged 14.91 per cent to trade at Rs 2.91 in early market hours. Later it was trading with a loss of 8.77 per cent at Rs 3.12.
A number of telecom firms are in troubled waters with over a massive Rs 1.47 lakh crore of adjusted gross revenue (AGR) dues to pay. These include top telcos -- Bharti Airtel and Vodafone Idea -- who owe about 60 percent.
The three companies are jointly liable to pay dues of over Rs 1 lakh crore, but they have informed the Department of Telecom (DoT) of making only partial payment, as per their representatives.
Vodafone Idea could be the largest bankruptcy ever in India as the inability to pay dues under the adjusted gross revenue (AGR) may push the Vodafone Plc and Aditya Birla joint venture in that direction.
Debt-ridden telecom operator Vodafone Idea on Saturday said it is assessing the amount that can be paid towards AGR dues, even as it flagged concerns over the continuation of its business.
As the sword of Damocles hangs over Vodafone Idea, uncertainty continues to mire the Indian telecom sector which has seen fall of several telcos such as Etisalat DB, Reliance Communications, Sistema Shyam and Aircel. As the sword of Damocles hangs over Vodafone Idea, uncertainty continues to mire the Indian telecom sector which has seen fall of several telcos such as Etisalat DB, Reliance Communications, Sistema Shyam and Aircel.
In an ultimatum, the Department of Telecommunications has ordered firms including Bharti Airtel and Vodafone Idea to clear dues before Friday midnight.
Top News
Latest News
