Vodafone Group CEO says will seek waiver of interest and penalties on dues. Airtel CEO says won't bid on 5G spectrum at TRAI-recommended base price.
Waives on the Sand
Vodafone Group CEO Nick Read has said that Vodafone India is seeking a waiver of interest and penalties on its adjusted gross revenue (AGR) dues and wants to pay the principal over ten years with a two-year moratorium. Reiterating that the situation in India is critical, Read said his company won't infuse any fresh capital into Vodafone Idea.
Vodafone Idea faces AGR dues of over ?53,000cr ($7.44bn). Interest and penalties are estimated to account for over 75% of this amount. [ET Telecom News]
Airtel-ing it Like It Is
Meanwhile, Gopal Vittal, Bharti Airtel's CEO, has said the telecom operator will not bid for the 5G spectrum at the price recommended by telecom regulator TRAI. Airtel's balance sheet is debt-laden and it has statutory dues of around ?35,500cr ($4.98bn) as per the AGR verdict.
TRAI has recommended ?492cr ($69m) as the base price of the 5G spectrum, a price tag many telcos have criticised as too hefty. [BS]
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