NEW DELHI: Embattled Vodafone Idea has paid Rs 1,700 crore to the government as part of payment towards 5G and other spectrum bought last year.
The payment made by the company, which is facing heavy debt and mounting liabilities amidst loss of subscribers, also includes a small portion of interest towards delayed payment. It was supposed to pay the amount last month.
“We have received a cheque for Rs 1,700 crore by Vodafone Idea for spectrum and interest liabilities,” an official source said.
The beleaguered telco currently runs a massive gross debt of Rs 2.1 lakh crore while still reeling under crippling losses. The government holds a near 33% stake in the company in lieu of future interest payouts, and has been desperately trying to work out a revival, though the two key promoters are yet to put in fresh equity.
The payment made by the company, which is facing heavy debt and mounting liabilities amidst loss of subscribers, also includes a small portion of interest towards delayed payment. It was supposed to pay the amount last month.
“We have received a cheque for Rs 1,700 crore by Vodafone Idea for spectrum and interest liabilities,” an official source said.
The beleaguered telco currently runs a massive gross debt of Rs 2.1 lakh crore while still reeling under crippling losses. The government holds a near 33% stake in the company in lieu of future interest payouts, and has been desperately trying to work out a revival, though the two key promoters are yet to put in fresh equity.