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regular-article-logo Friday, 22 November 2024

Vodafone Idea taps Centre for relief of Rs 70,000 crores for dues on adjusted gross revenue

During the company’s investor call on the Rs 30,000-crore contract awarded to Nokia, Ericsson, and Samsung for the supply for 4G and 5G telecom gears, VIL chairman Ravinder Takkar said the company has been engaging with senior government officials prior to the court ruling, and even after it

Our Special Correspondent Mumbai Published 24.09.24, 11:39 AM
AGR remedies

AGR remedies Sourced by the Telegraph

Debt-ridden Vodafone Idea has approached the government for relief on 70,000-crore adjusted gross revenue (AGR) dues after the Supreme Court rejected its curative petition for correction in the calculation of the statutory dues and waiver of penalty and interest thereof, a top company official said.

During the company’s investor call on the 30,000-crore contract awarded to Nokia, Ericsson, and Samsung for the supply for 4G and 5G telecom gears, VIL chairman Ravinder Takkar said the company has been engaging with senior government officials prior to the court ruling, and even after it.

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“While there was hope that the courts will obviously consider the petition, the fact that the court has not done so means that the action and responsibility, in some ways, falls squarely along with the government.

“The government has since asked us to put together a comprehensive view of what we believe would be the right mechanism,” Takkar said.

The government holds a 33 per cent stake in VIL while promoters — Aditya Birla Group and Vodafone — hold 37.3 per cent stake in the company.

Takkar said there is a clear understanding with the government that VIL should not have to pay something that is a result of a calculation error.

“We are in the process of putting together those requests. We will be engaging again with the government in the coming days on those requests.

“They are very committed, and continue to be very, very committed to three strong private players. We expect to engage further with the government, and look forward to working with them and finding a solution for this challenge,” Takkar said.

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