The Indian Government has received approximately INR 15,700 Crores in Adjusted Gross Revenue (AGR) Dues from the giant telecom operators – Vodafone and Airtel, according to an official source.
Vodafone had INR 53,000 crore dues outstanding, of which it has paid INR 2,500 and 1000 crores on February 17th and 29th respectively. Meanwhile, Vodafone and Airtel heads are in discussion with the Ministry of Finance to sort out the payment of AGR dues. Airtel has paid INR 10,000 crore dues of its outstanding AGR dues, while Tata Teleservices has paid approximately 2,197 crores.
While most Mutual fund houses have marked down the Vodafone share values as zero or have created separate portfolios for the same so that the client does not suffer much even in case the telecom giant decides to leave India, Vodafone shares have already hit rock bottom prices and are currently trading in the range of 3 to 4 INR per share.
With NBFC crisis already taking its toll on Indian economy, exit of Vodafone would mean thousands of people would lose their jobs, and in addition, the banks like SBI would be writing down almost INR 29,000 crores of their position in Vodafone.
“Airtel, Vodafone Idea and Tata Teleservices have said that they will make payments on Monday. DoT will take action after evaluating the amount paid by them,” an official source told PTI.
“Before the due date, DoT has sent telecom operators 4 notices and reminders to pay to avoid punitive action under license condition. After court order on modification plea, telecom players are not left with any excuse to delay the payment and the DoT can take action against them without serving any further notice,” the source said.
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