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HomeEconomyVodafone Idea defers payment of AGR dues of Rs 8,837 cr, gets...
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Vodafone Idea defers payment of AGR dues of Rs 8,837 cr, gets option to pay interest through equity MPNRC

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Vodafone Idea has decided to defer payment of additional adjusted gross revenue of Rs 8,837 crore for a period of four years. (Photo: Facebook)

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New Delhi: Debt-ridden telecom operator Vodafone Idea has decided to defer payment of additional adjusted gross revenue of Rs 8,837 crore for a period of four years.

The company, in a late night filing on June 22, said that DoT on June 15 raised the demand for adjusted gross revenue (AGR) for an additional two financial years after 2016-17, which were not covered under the Supreme Court order on statutory went. due

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Vodafone Idea (VIL) in the filing said that its board of directors has approved the exercise of the option of deferring the AGR-related dues with immediate effect for a period of four years, as per the said DoT letter. The amount of arrears relating to AGR as stated in the said DoT letter is Rs.8,837 crore which is subject to revision on account of settlement of various representations.

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The government calculates its share of revenue from telecom operators on the basis of their AGR, which they are believed to have earned from the sale of services.

The VIL filing states that DoT has offered a moratorium of four years to the company for all AGR-related dues till the financial year 2018-19, which were not covered by the Supreme Court order dated September 1, 2022, which Can be used within a period of 15. Days till 30th June.

VIL said, “The said DOT letter also provides the company an option of equity conversion of interest arrears for the dues relating to these AGRs, for which a period of 90 days has been provided from the date of the said DOT letter.”

The company said the fresh demand of Rs 8,837 crore is subject to revision on account of settlement of various representations, CAG, special audit and any other outcome of litigation and “the final amount to be paid in six equal annual installments from the moratorium period”. is triggered. March 31, 2026″.

The government has already approved Vodafone Idea’s proposal to convert around Rs 16,000 crore interest payment from the previous AGR moratorium into about 33 per cent stake in the company.

According to official data, telecom operators owe the government more than Rs 1.65 lakh crore in adjusted gross revenue till the financial year 2018-19.

The latest calculations show that till the financial year 2018-19, the AGR liability on Bharti Airtel stood at Rs 31,280 crore, Vodafone Idea Rs 59,236.63 crore, Reliance Jio Rs 631 crore, BSNL Rs 16,224 crore, MTNL Rs 5,009.1 crore.

In a separate filing, the company said its board has approved raising Rs 436.21 crore from Vodafone Group company Euro Pacific Securities by issuing preference shares or warrants at par at Rs 10.2 per unit price.

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