Vodafone Idea Likely to Pay Rs 3,000 Crore Towards Spectrum Dues

Vodafone Idea is trying to clear off the cash crunch situation as the telco giant is facing a heavy financial burden. The telco giant will likely pay Rs 3,000 crore towards spectrum dues which will eliminate the stress of bank guarantees invoked by DoT. Also, the clearance of spectrum dues will show the telcos commitments towards clearing off their financial liabilities. As per the words of a person who is aware of the situation, “Tuesday is the last day for telco giant to pay their spectrum dues. In case if the payment is not made, a grace period of 10 days will be given after which notices will be given to the telco along with bank guarantees being invoked”.

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Vodafone Idea Has to Pay Rs 53,000 crore to DoT

Vodafone Idea has to pay Rs 53,000 crore to DoT towards AGR dues out of which it has just paid Rs 3,500 Crore. The telco giant has marked that they will be forced down to shut their operations if no relief is given by the government.

As per the sources of ET Telecom “paying the spectrum dues will send a clear message about the telcos intent to honour its financial commitments.” Currently, the telco giant has a gross cash balance of 1.8 Billion USD out of which 450 million USD are payable in March 2020. The telco earlier stated that they are looking for various ways to see how to further payments can be settled.