Conversion of Vodafone debt into equity an option: Banks to DoT
The Hindu
The top court has given a time period of 10 years to telecom service providers struggling to pay ₹ 93,520 crore of AGR-related dues to clear their outstanding amount to the government.
Conversion of debt of the stressed telecom player Vodafone Idea Ltd (VIL) into equity could be an option to emerge out of the crisis, lenders led by State Bank of India (SBI) have suggested to Department of Telecommunications (DoT). DoT had called senior bank officials on August 6, to discuss the stress in the telecom sector arising out of the Supreme Court order last month on the adjusted gross revenue (AGR)-related dues payable by telecom majors, including Vodafone Idea and Bharti Airtel, sources said. The top court has given a time period of 10 years to telecom service providers struggling to pay ₹ 93,520 crore of AGR-related dues to clear their outstanding amount to the government.
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