Vodafone IDEA Approved A Four-year Moratorium
Vodafone IDEA approved a four-year moratorium on spectrum payment, informed the government.
Debt-strapped telecom company Vodafone Idea has informed the government that it has approved a four-year moratorium on spectrum payments.
The company has also said that other options for the relief package will be considered by the Board of Directors within a stipulated time frame and informed to the department.
Explain that the government had asked telecom companies to decide on the moratorium option given to them by October 29.
As part of the reforms announced for the telecom sector, the government has written to companies including Airtel, Vodafone Idea, and Reliance Jio.
The government has asked them to tell whether they will opt for the moratorium for four years or not.
Along with this, the government had also given 90 days to the companies to opt for converting the interest related to the moratorium period into equity.
In a letter to the DoT, the company said it would confirm the decision at a later date on whether it would opt for the moratorium on Adjusted Gross Revenue (AGR) payments.
Not only this, but the company also said that it will inform later whether it chooses to convert the interest into equity on the deferred payment or not.
The company has time till October 29 to opt for the AGR moratorium.
Let us tell you that Bharti Airtel chairman Sunil Mittal had said last month that the company will opt for the moratorium and use the cash available for network expansion.
Jio again left Airtel behind, so many customers left Vodafone Idea.
According to the report released by the Telecom Regulatory Authority (TRAI), telecom operator Reliance Jio has managed to add 6.49 lakh, mobile users, in August.
Whereas Bharti Airtel has added 1.38 lakh users. The same Vodafone Idea lost 8.33 lakh subscribers during August, although its loss was less than July.
Jio added 6.49 lakh, wireless users, in August, as its mobile base grew to 44.38 crores. With this, the company has given tough competition to its competitors in subscriber numbers.
Sunil Mittal-led Bharti Airtel added 1.38 lakh users during the month, taking the total wireless subscriber base to 35.41 crores.
