Telecom sector in India faces massive losses. Govt mulls 20-yr window for AGR dues repayment.
Difficult Times Ahead: The telecom sector in India is eyeing the loss of c. 1L jobs following continued non-clearance of outstanding worth INR20,000cr by the state-controlled Bharat Sanchar Nigam Limited (BSNL), noted Sandeep Aggarwal, Chairman, Telecom Committee at PHD Chamber of Commerce.
The development comes in the wake of companies’ inability to disburse wages and mounting pressure from creditors. ET Telecom
In a bid to offer stressed telecom companies with some relief, the govt is considering granting them 20-yr window to repay their adjusted gross revenue (AGR) dues.
The development comes soon after the Cellular Operators Association of India (COAI) had written to the government detailing troubles faced by the telecom sector and asked the Centre to provide a complete waiver of statutory dues that its other members such as Bharti Airtel and Vodafone Idea owe to the government following the Supreme Court ruling that asked the companies to deposit the outstanding amount within three months. CNBC TV18
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