NEW DELHI: Telecom operator Vodafone Idea Limited (VIL) on Thursday decided to defer payment of additional gross revenue (AGR) of Rs 8,837 crore dues by four years. Following this, the telco will have to pay the amount in six equal installments starting March 31, 2026.
“The company has received a further communication dated June 15, 2022 (‘’DoT Letter”), wherein the DoT has offered a moratorium of four years (on an NPV or net present value protected basis) for all AGR related dues up to financial year 2018-19,” said VIL in an exchange filing.
Vodafone Idea further said the DoT letter also provides the company an option for equity conversion of interest dues upfront for these AGR-related dues, for which a period of 90 days has been provided. Thus, the company at its board meeting on June 22, 2022, has approved the exercise of the option of deferment of the AGR related dues by a period of four years with immediate effect.
“The amount of the AGR related dues as stated in the said DoT Letter is Rs 8,837 crore, which is subject to revision on account of disposal of various representations, CAG/special audit/and any other outcome of litigation and the final amount to be paid in six (6) equal annual instalments post moratorium period starting from March 31, 2026,” said the company. According to official data, telecom operators owe over Rs 1.65 lakh crore to the government in AGR up to FY19. The AGR liability on Vodafone Idea is Rs 59,236.63 crore.