Indus Towers Presses Vi to clear Dues, Rules out Further Payment Plan Relaxation: Report

Indus Towers, a major telecom tower company, is putting pressure on Vodafone Idea (Vi) to pay its past dues and has ruled out any further leniency in the payment plan that was agreed upon earlier this year. Despite Vi’s improvement in clearing 90-100% of its current dues, Indus is closely monitoring the telco’s payment patterns and funding situation to recover its accumulated past dues as per the agreed schedule, said an ET report.

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During Indus’ fourth quarter earnings call on Thursday, the company’s top management stated that Vi has begun clearing 90-100% of its current dues. However, Indus will be monitoring the telco’s payment patterns and funding situation to recover its accumulated past dues according to the agreed-upon schedule. Indus has indicated that it will not reduce its services or restrict Vi’s access to its towers as long as the telco pays its current dues on a regular basis.

Read More – Indus Towers Q4 Net Profit Drops 23% Due to Doubtful Dues from Vodafone Idea

Vikas Poddar, CFO of Indus Towers, stated during the earnings call that “there will be no fresh payment plan for them in FY24, and we are in active talks with the client to clear the past outstandings.”

Vi has committed to paying 100% of its current dues to Indus starting in January 2023 under the current payment plan. It will also pay its past accumulated outstandings as of December 31, 2022, over a seven-month period beginning in January as part of the agreed-upon higher payment plan.