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Tata Sons may infuse capital into Tata Tele as AGR dues cross Rs 19,000 cr
Tata Sons Ltd, the holding company of the $150 billion Tata Group, may be forced to inject fresh capital into its loss-making telecom arm, Tata Teleservices Ltd, as the unit stares at Rs 19,256 crore in adjusted gross revenue (AGR) and other dues owed to the Indian government.
With a negative net worth of Rs 17,876 crore and steep accumulated losses, Tata Teleservices is in no position to meet its obligations without support. Tata Sons has issued a letter of comfort to back the payment, according to people familiar with the matter.
Calling the plea of telecom operators 'misconceived', the Supreme Court on Monday dismissed the petitions moved by Vodafone Idea (Vi), Bharti Airtel, and Tata Teleservices seeking a waiver on their long-standing AGR dues. The telcos were seeking relief related to payment of interest, penalty, and interest on penalty components as part of their AGR. The SC, however, has opened the doors for any relief to be provided by the government to the telecom operators.
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