Not Received Any Communication on BG Waiver Yet, Clarifies Vodafone Idea

Vodafone Idea (Vi) said on Tuesday that it has not yet received any communication from the Department of Telecommunications (DoT) or the Government of India regarding the waiver of bank guarantee requirements (BGs) for deferred spectrum instalments. This clarification comes in response to a news report by Livemint dated November 26, 2024, about the Union Cabinet’s approval of a proposal to waive bank guarantees for telecom operators on spectrum purchased in auctions up to 2022.

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Also Read: Vodafone Idea Defaults on Rs 350 Crore Bank Guarantee Payment: Report

Clarification on Bank Guarantee Waiver

“We wish to further submit that the Company as yet has not received any communication from DoT / Government of India about any decision taken nor is there any press release available on its website,” Vi said in a clarification sought by the stock exchanges after its stock price surged by over 10 percent on Tuesday.

The telco added that it had previously submitted detailed representations to the DoT on October 8, 2024, requesting the removal of the bank guarantee requirement for spectrum acquired before 2022, in line with industry demands.

However, the company also noted that no press release on the matter has been published on government websites. The company assured that it would make the necessary disclosures once a formal decision is communicated or a press release is issued.

“As and when a decision is communicated by the DoT or any decision of Government of India through a press release is available, the Company will make the necessary disclosures as required,” Vi further said.