Voda-Idea Crisis Deepens: Crores of Users at Risk if No Relief Granted
Mumbai (The Uttam Hindu): Telecom company Vodafone Idea is on the verge of closure. Although the government is preparing to give a relief package to the company, but if the situation keeps worsening, it will be difficult to save the company. A few days ago, information came to light that Vodafone-Idea has an AGR liability of Rs 83,400 crore. In this, Rs 12,797 crore principal is outstanding and Rs 28,294 crore interest is also due on the company. Apart from this, a penalty of Rs 6,012 crore and interest on the penalty of Rs 11,151 crore is also included in this amount. In such a situation, Vi CEO Akshay Mundhra had told the government that if Vi does not get any relief, the company may go bankrupt.
One idea is to allow Vodafone Idea to repay its AGR dues in 20 years instead of the six-year period fixed after the Supreme Court verdict. An official quoted in the report said that the AGR payment period should be extended from the fixed six annual installments of Rs 18,064 crore to more than 20 years. Even then, the long-term stability of the company remains in doubt. If
Vodafone-Idea shuts down, it will affect crores of consumers.