Vodafone Idea in talks with government on AGR relief: CEO Akshaya Moondra
NEW DELHI: Vodafone Idea CEO Akshaya Moondra, during an investor call following the release of the company's Q4 and FY25 financial results, confirmed that the company is actively engaged in discussions with the government regarding the long-standing Adjusted Gross Revenue (AGR) issue.
He noted that there are no existing restrictions that prevent the government from extending support.
"As far as the government relief is concerned, I think we are engaged with the government... what the government will do, I cannot comment on their behalf. But definitely post the judgment, we continue with our engagement with the government to find a solution to the AGR matter," Moondra said, as quoted by news agency PTI.
Highlighting broader challenges in the telecom sector, Moondra pointed out that India continues to have the lowest Average Revenue Per User (ARPU) globally, while industry returns remain below the cost of capital. He called on the urgent need for a revised pricing framework, stating that higher data consumption should be charged proportionally more- a departure from the current pricing model.
Moondra also referred to the 2021 telecom reforms, emphasizing that despite Public Interest Litigations (PILs) in the Supreme Court, the court upheld that policy decisions fall within the government's domain.
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He suggested this precedent indicates the government retains the authority to implement relief measures for the sector.
The CEO further clarified the government's position regarding its 49 per cent stake in Vodafone Idea, acquired through a recent dues-to-equity conversion. "There is no intent to take up any board seat, the shareholding of the government is a consequence of the government providing support in reducing dues," he stated.
This clarification gains importance as Vodafone Idea seeks a waiver of approximately Rs 30,000 crore in AGR dues. The company is grappling with statutory liabilities and a declining subscriber base. According to TRAI data, VI lost 6.47 lakh mobile users in April, bringing its total to 20.47 crore subscribers.
Following the Supreme Court's dismissal of its AGR relief plea, Vodafone Idea informed the
Department of Telecommunications
that its operations beyond FY26 would be unsustainable without government intervention, a key concern in ongoing discussions with banks regarding future funding.
Also read:
'No more conversion of equity in Voda-Idea'
Financially, the company reported a reduced net loss of Rs 7,166.1 crore for the March quarter. Its revenue for Q4FY25 rose 3.8 per cent year-on-year to Rs 11,013.5 crore. For the full fiscal year, losses narrowed to Rs 27,383.4 crore from Rs 31,238.4 crore in FY24.
To strengthen its financial position, Vodafone Idea's board has approved a fundraising plan of up to Rs 20,000 crore, subject to regulatory and shareholder approvals. The capital infusion may be raised 'either by way of further public offer or private placement or through any other permissible mode as may be considered appropriate,' the company said.
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