Vodafone Idea is reportedly looking to dip into its modest reserves and tap short-term loans to pay part of AGR dues.
Bharti Airtel has revealed that it has paid Rs 10,000 as part of AGR Dues on Monday. Vodafone Idea is reportedly looking to dip into its modest reserves and tap short-term loans to pay part of AGR dues.
Airtel said that it has deposited Rs 10,000 as part of its adjusted gross revenue (AGR) dues to the government. The company has paid an amount of Rs 9500 crore on behalf of Bharti Airtel and Telenor India along with an amount of Rs 500 crore on behalf of Bharti Hexacomm, reports The Economic Times. The company further added that it is completing its self-assessment and it will pay the rest of the amount before the next hearing of Supreme Court. The hearing is scheduled to take place on March 17.
Moving on, Vodafone Idea is looking to tap on its reserves and it is also planning to take short-term loans to pay a part of the AGR dues it owns to the government. “The company is working towards determining a sizeable number in accordance with the Supreme Court directive. However, the promoters, Aditya Birla group and Vodafone Group Plc, will not infuse any additional capital and the entire payment will be arranged by the company from its existing reserves and a potential short-term loan," a source close to the development told The Mint.
The apex court, on October 24, ordered Bharti Airtel, Vodafone Idea and other telecom players to pay the AGR dues by January 23. The telecom operators have to pay over 1.47 lakh crore to the government. Bharti Airtel has to pay Rs 35,586 crore to the government, while Vodafone Idea has to pay Rs 50,000 crore by the said. Tata Teleservices has to pay Rs 14,000 crore.
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