Vodafone Idea AGR dues may rise significantly. Airtel withdraws bid for RCom assets.
Adjusted For Loss?: Vodafone Idea’s estimated AGR-related dues of INR44,200cr could rise sharply if the methodology adopted by the telecom department to compute such liabilities is different, noted analysts.
Financial services company Credit Suisse said if the telco’s total AGR dues work out higher at “INR54,200cr as per DoT’s internal estimates basis a report, the company would have to make additional provisions of INR10,100cr”. ET Telecom News
We Scream Foul!: Bharti Airtel has withdrawn its bid for the acquisition of the assets of Reliance Communications after lenders agreed to extend the deadline for submitting the bids by 10 days.
As per Airtel, this move was unfair and biased as the Committee of Creditors had earlier rejected its request to extend the deadline from November 11 till December 1, following which it was forced to submit its bid in haste to meet the deadline.
However now, the CoC has agreed to extend the deadline to November 25 after Reliance Jio sought 10 more days to submits its bid.
While Airtel has withdrawn its bid, it has not ruled out submitting a fresh resolution plan within the new deadline. Hindu BusinessLine
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