INSUBCONTINENT EXCLUSIVE:
the country's stressed out telecom sector, which was under huge pressure to pay spectrum dues
At a meeting, the Cabinet Committee on Economic Affairs approved the plan to defer spectrum payment - to the tune of Rs 1.47 lakh crore -
The move comes days after finance minister Nirmala Sitharaman offered assurance to the companies, saying the government wanted to ensure
that no company shuts operations due to financial unsustainability."We want no company to shut their operations
opting for deferment will have to provide bank guarantee for the revised payable amount.The deferral amounts will be equally spread over the
remaining instalments without any increase in the time period specified for making the payments
Interest, as stipulated during the spectrum auction, will be charged so that the net present value (NPV) of the payable amount is protected,
Ms Sitharaman said.Telecom operators owe the government nearly Rs 1.47 lakh crore in license fee (LF) and spectrum usage charges, the
posted massive losses and Vodafone said unless the government offered relief, or a legal remedy was found, it would not be able to continue
50,921 crore, the highest-ever quarterly loss by any corporate in India, Airtel's figure came up to Rs
23,045 crore.According to the British media, Vodafone CEO Nick Read said the company won't provide more capital for its India business
unless the authorities make provisions enabling it to compete with domestic players like Mukesh Ambani's Reliance Jio.Gopal Vittal, Airtel
CEO for India and South Asia, expressed hope that the government will take a considerate view given the "fragile state of the industry".Get
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