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Tuesday, January 25, 2022

Interest on dues: Airtel not availing equity conversion

🔴 Under the telecom reforms package of September 2021, operators had the option to offer equity to the government in lieu of the interest part of the dues.

By: ENS Economic Bureau | New Delhi |
January 8, 2022 4:15:57 am
Bharti Airtel, Bharti Airtel news, adjusted gross revenue (AGR), Department of Telecommunications DoT, Business news, Indian express business news, Indian express, Indian express news, Current AffairsThe DoT had issued a notification to telecom operators on October 14, seeking to know their options around moratorium and equity conversion. (Image credit: Reuters)

After availing the option of four-year moratorium on payment of adjusted gross revenue (AGR) and spectrum dues, Bharti Airtel on Friday told the Department of Telecommunications (DoT) that it will not go for conversion of the interest component into equity.

Under the telecom reforms package of September 2021, operators had the option to offer equity to the government in lieu of the interest part of the dues.

“…We wish to inform you that the company has confirmed to DoT that it will not avail the option of conversion of the interest on deferred spectrum and AGR dues into equity,” Bharti said in a regulatory filing. Vodafone Idea, which has also opted for the moratorium offer, is yet to take a decision on the option of conversion of the interest into equity part.

The DoT had issued a notification to telecom operators on October 14, seeking to know their options around moratorium and equity conversion.

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