UK-India trade body seeks diplomatic help for Vodafone Idea

The UK India Business Council has sought the help of Indian High Commissioner in Britain in speeding up conversion of Vodafone Idea’s accrued interest on the deferred adjusted gross revenue dues into equity. High commissioner Vikram K Doraiswami has written to the finance ministry, seeking guidance on how to proceed on the matter. The lobby group has said that conversion delay by the telecom department, despite a written clearance of the finance ministry and the PMO’s support, has hurt telco’s operations.

Why it’s important: The cash-strapped telco has not been able to raise funds. The government feels the promoters are not infusing adequate money to revive the firm. The stalemate continues. Moneycontrol