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Centre Exploring Ways To Allow Vodafone Idea, Airtel Pay AGR Dues Over 20 Years; Relief Package Also In Works
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The Government is said to be actively mulling on measures to come to the rescue of the stressed telecom sector. It is said to be exploring ways to allow Vodafone Idea (Vi) and Bharti Airtel to pay their adjusted gross revenue (AGR) dues over 20 years, reports Economic Times.
This gains significance as the Supreme Court has ruled that the telecom players will have to pay their dues over 10 years, through 31 March 2031. This was despite the Union Cabinet having already recommended a 20-year time frame to pay those dues.
Any measure which could result in a reduction in AGR dues or even the annual AGR instalments will come as a big relief for the cash-strapped and debt-laden Vi. The company had Rs 920 crore in cash and cash equivalents at June end and is burdened with Rs 1.9 lakh crore of debt.
Vi also faces Rs 58,254 crore in AGR dues, of which it has paid just Rs 7,854 crore so far. The company needs to pay around Rs 9,000 crore as its next AGR instalment, which falls due in March 2022.
Meanwhile, the Government is also working on a relief package for the sector and the work on the same is said to be picking up pace.
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