Vodafone Idea to opt for Four-year moratorium on Spectrum dues

Vodafone Idea on Wednesday said its board has approved availing the 4-year spectrum payment moratorium being offered by the government as part of its relief package for the telecom sector. The other options offered in the Telecom Department's notification will be considered by the board of directors within the stipulated timeline, it said in a regulatory filing.

In proportion to the bold reforms announced of late for the telecom sector, the government last week wrote to tele-entities including Bharti Airtel, Vodafone Idea and Reliance Jio asking them to convey by October 29 if they would be opting for the four-year dues moratorium. It has also given three months time to the operators to indicate if they want to opt for converting the interest amount pertaining to the moratorium period into equity.

Along with this option, the audited financial statements of the immediately preceding financial year (2020- 21) would have to be submitted, according to the letter sent to the telecoms. The government has offered the option to defer payment of the spectrum auction installments due up to four years, with immediate effect, excluding the installments due for spectrum auction 2021. This option is applicable from FY 2022-23 to FY 2025-26. These deferred amounts will be spread equally over the remaining installments to be paid, without any increase in the existing time period specified for making the installment payments. Interest, as stipulated in the relevant year of the auction of spectrum, will be charged.

 

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