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Vodafone Idea Pays Rs 3043 Crore To Govt Towards Deferred Spectrum Dues

Vodafone Idea has paid Rs 3,043 crore to the government towards deferred spectrum dues, news agency PTI reported. The payment is for the spectrum it bought in past auctions.

March 3 was the deadline for this payment. In case a teleco is unable to do so, it gets a 10-day grace period after which notices are sent and bank guarantees invoked.

The beleaguered teleco is also grappling with payment of Rs 53,000 crore in adjusted gross revenue (AGR) dues

The Department of Telecom (DoT) will write fresh letters to telecom companies questioning them about the variation in AGR dues as assessed by the firms and its own calculations, the report quoted a source as saying.

The move assumes significance as the amounts paid by telcos so far, even those who have announced a full and final settlement, is significantly less than DoT’s AGR estimates.

Vodafone Idea has so far deposited Rs 3,500 crore in two tranches to DoT, but is still assessing its full dues.

At 15:00 hours, the stock was quoting Rs 3.63, up Rs 0.18, or 5.22 percent.

On November 20, 2019, the government had provided Rs 42,000 crore as relief to debt-laden telecom companies after it agreed not to take any payments for spectrum they use for the next two years. The Union Cabinet headed by Prime Minister Narendra Modi approved granting Bharti Airtel, Vodafone Idea and Reliance Jio an option to avail a two-year moratorium on payments they were supposed to make in yearly instalments for the spectrum bought in auctions.

―Money Control

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