New Delhi: Vodafone Idea is checking out alternatives to pay another rs and attempt 3,500 crore in the next couple of days towards changed gross income (AGR) fees.
This comes as senior authorities informed Vodafone Group CEO Nick Read that the federal government was dealing with a relief bundle for the telecom sector, stated individuals with understanding of the matter.“
“ The business is exploring its alternatives and is most likely to make the payment at some point next week and it might be as early as Monday,” ” an individual knowledgeable about the business’’ s strategies informed ET.
The telecom business sent information of its self-assessment of AGR charges, which according the telco total up to Rs 21,533 crore, on Friday.
Out of this, the primary quantity is pegged at Rs 6,854 crore. The business has actually paid Rs 3,500 crore currently.
The Department of Telecommunications (DoT) though has actually pegged Vodafone Idea’’ s fees at more than Rs 53,000 crore.
Read satisfied financing minister Nirmala Sitharaman and telecom minister Ravi Shankar Prasad to talk about the crisis in the telecom sector.
The telco has actually cautioned it will need to shut unless it gets relief on AGR fees. That would decrease the variety of personal telecom gamers to 2 —– Bharti Airtel and Reliance Jio Infocomm.
The Supreme Court is set up to hear adjustment pleas by the telephone company, looking for to work out payment timelines with the DoT, on March 17. Senior authorities stated they notified the business that the federal government desires 3 feasible economic sector business in the telecom sector and Vodafone Idea to stay and endure bought India.“
“ However, the business needs to stroll the additional mile and a minimum of pay up its whole primary fees towards AGR to the federal government prior to the next court hearing,”
” a main mentioned Prasad as informing Read. The CEO is stated to have actually informed him that the business was checking out the choices readily available to it.
Vodafone wished to go back to square one in India, Read informed the minister, according to individuals knowledgeable about the matter.
The federal government wished to ensure Vodafone’’ s dedication prior to aiming to supply relief, stated a senior main privy to the conference.“
“ However, it was still unclear regarding how the business would spend the cash provided the bleak capital balance,” ” among the individuals said.
Prasad is thought to have actually communicated India’’ s financial influence and its appearance to foreign financiers, as likewise the size of its market.
The minister mentioned that the business has 300 million customers in India.India desires reasonable competitors, the minister is discovered to have actually informed the Vodafone CEO Read.
Sources stated Read acknowledged that the AGR concern need to have been resolved long back by the business and it must have represented it in its books.
Read’’ s conferences come a couple of weeks after Vodafone Idea chairman Kumar Mangalam Birla satisfied senior federal government authorities on the exact same concern.“
“ It was an excellent conference,” ” Prasad stated when inquired about his conversations with Read. The latter didn’’ t comment.
Read was accompanied by India operations president Ravinder Takkar. The conference with Prasad ahead of the next court hearing is thought about to be a vital one and viewed as an effort to assist rescue Vodafone Idea.“
“ The business has today submitted its self-assessment of the AGR liabilities with the Department of Telecommunications,” ” the telco in a regulative filing on “Friday.
“ The self-assessment reveals the business’’ s AGR liabilities to aggregate ₹ 21,533 crore consisting of a primary quantity of Rs 6,854 crore for the duration from FY2006-07 to FY2018-19 and interest as much as February 2020.”
” The telco ’ s board fulfilled on March 4 to talk about the AGR issue.The business paid Rs 2,500 crore on February 17 and Rs 1,000 crore on February 20, it stated.
Original Source: economictimes.indiatimes.com
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