Vodafone Idea accepts the 4-year spectrum payment moratorium
Vodafone Idea has accepted India's telecom department's four-year spectrum payment moratorium from October 2021 to September 2025, becoming the first telco to accept the deferred payment option provided under the telecom relief package.
The cash-strapped telco has also asked the Department of Telecommunications (DoT) about getting back its bank guarantees related to spectrum payments. It added that it will confirm its decision on whether it would opt for the moratorium on adjusted gross revenue (AGR) payment and the option to convert interest on deferred payments into equity. The government, along with Vi, had asked telecom companies like Bharti Airtel, Reliance Jio to inform whether they are keen to opt for the four-year due moratorium period by October 29.
Vi's decision comes on the back of a relief package announced recently by the Union Cabinet. It included a four-year moratorium on adjusted gross revenue and spectrum payments, reduced BGs and the option to convert statutory dues to government equity.
Vi’s total gross debt as of June-end stood at Rs 1.91 trillion. It comprised deferred spectrum obligations, AGR liability and bank loans. This includes deferred spectrum payment obligations of Rs 1.06 trillion and AGR dues of over Rs 62,000 crore.
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