Vodafone Idea on Monday made an additional payment of Rs 3,354 crore towards adjusted gross revenue (AGR) to the Department of Telecom (DoT), a day before the Supreme Court is expected to hear modification plea filed by the telecom and other operators. With the latest payment, Vodafone Idea had paid Rs 6,854 to the government.
“The company has today (Monday) paid a further amount of Rs 3,354 crore to the DoT, being the balance part of the principal amount towards AGR liability. Thus, the company has paid the full principal amount of Rs 6,854 crore towards AGR dues,” the company said in a BSE filing.
As per the reports, the government is likely to request the top court to allow these companies to stagger their AGR dues over up to 20 years at a reduced interest rate. This will help these telecom companies to tide their finance woes.
VIL said it had filed its self-assessment of the AGR liabilities with the DoT pm on March 6, 2020, in which AGR liability principal amount of Rs 6,854 crore was determined for the period from financial year 2006-07 to FY 2018-19.
Vodafone Idea is staring at dues worth Rs 53,000 core, which included spectrum dues worth Rs 24,729 crore and another licence fee of Rs 28,309 crore.
The company had earlier paid Rs 2,500 crore on February 17, 2020, and Rs 1,000 crore on February 20 towards AGR liabilities.
The shares of Vodafone Idea saw a high of Rs 6.75 and low of Rs 5.15 on Monday.
(With input from agencies)