NEW DELHI: Telecom Minister Ashwini Vaishnaw on Friday said that the government is examining proposals from 3 telecom operators who opted for converting interest on deferred spectrum and adjusted gross revenue (AGR) dues into equity.
The minister, while responding to a question in Rajya Sabha, said a one-time option was given to telecom companies to either pay upfront the interest on AGR dues or convert it in the form of equity as part of the reforms announced in September last year. “Three companies have exercised that option. We have received their letters and we are examining them,” said the minister.
On the question of BJP leader KJ Alphons, who complained that he is facing a network issue in the heart of the capital city and even in his home state Kerala, Vaishnaw said the problem is related to Telecom Regulatory Authority of India (TRAI) and requested him to file a complaint there.
In January, VIL and Tata Tele Services (Mumbai) decided to convert the interest on spectrum and AGR dues into equity. The government is the highest stakeholder in Vodafone with 35.8% shares and it owns 9.5% stake in Tata Tele Service (Mumbai), an arm of Tata Teleservices Ltd (TTSL).