"Believe Government Will Try Very Hard...": Axis Bank CEO On Vodafone Idea
NDTV
"If this company survives, which I believe the government will try very hard to do, they will continue to make those spectrum payments and our guarantees will not be called on," Amitabh Chaudhry said.
The financial health of Vodafone Idea Ltd. is a concern for lenders, although the government is expected to find a solution to prevent the collapse of the loss-making Indian telecommunications company, according to Axis Bank Chief Executive Officer Amitabh Chaudhry. "If this company survives, which I believe the government will try very hard to do, they will continue to make those spectrum payments and our guarantees will not be called on," Chaudhry said in an interview with Bloomberg TV. "But it is something to worry about, we have a plan in place." Axis, the country's third-largest private bank, is among lenders that have extended guarantees to Vodafone Idea, whose survival is being threatened by the government's claim of back dues. The joint venture between Vodafone Group Plc and Indian billionaire Kumar Mangalam Birla's conglomerate suffered a setback recently when the nation's top court rejected petitions by telecom operators to reassess how much they owe. "I am sure when it comes to the crunch the government will try and find ways and means to ensure this company stays for the long term," Chaudhry said.More Related News