Bharti Airtel dials DoT, seeks conversion of govt dues into equity
New Delhi:
Bharti Airtel
has written to the
Department of Telecommunications
(DoT) seeking to convert its government dues into equity as per the telecom reforms package of 2021.
Officials aware of the details told ET that Airtel wants a level-playing field when it comes to conversion of statutory dues into equity after the recent move, wherein government stake in
Vodafone Idea
increased to over 49%.
Airtel didn't immediately respond to ET's emailed query.
The demand from Airtel comes amid the government putting on hold a proposal to waive off 50% interest and penalties of the adjusted gross revenue (AGR) dues.
The DoT's AGR waiver proposal was an attempt to give some relief to telcos that have exhausted all legal remedies.
The telecom industry, which had been reeling financially due to cutthroat competition since the entry of Reliance Jio in 2016, took a hit when the Supreme Court in October 2019 backed the government's view and levied Rs1.47 lakh crore of AGR dues. That comprised Rs92,642 crore of licence fees and spectrum usage charge (SUC) dues to the tune of Rs 55,054 crore. Nearly 75% of the dues consisted of interest, penalties and interest on penalties.
In its September 2021 bailout plan, the government allowed a four-year moratorium on payment of AGR and other statutory dues. That moratorium ends September 2025 for spectrum dues and March-April 2026 for AGR dues. Thereafter, the deferred payment cycle will start in 2026 and run till 2031 with 10% to be paid by March 31 every year.
Like Vodafone Idea, Airtel too had availed the four-year moratorium on payment of statutory dues. But unlike Vodafone Idea, Airtel till now didn't approach the government for conversion of statutory dues into equity.
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