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VIL expects Rs 250 billion capital infusion by April; to get bank guarantees from DoT

February 08, 2019
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Vodafone Idea Limited (VIL) is expecting the capital infusion worth Rs 250 billion (approved by its board in January 2019) to be complete by April 2019. Further, the operator plans to kick off the sale of its stake in the entity being formed by the merger of Indus Towers and Bharti Infratel early in the next quarter. This is because VIL needs to free up funds for its 4G network expansion.

As per VIL’s earnings call, the company is planning to spend Rs 200 billion over the next five quarters, as against Rs 11.7 billion spent in the October-December 2018 quarter.

Meanwhile, the Telecom Disputes Settlement Appellate Tribunal (TDSAT) has directed the Department of Telecommunications (DoT) to release bank guarantees worth Rs 21.13 billion to VIL. The DoT had taken these bank guarantees from VIL on account of one time spectrum charges (OTSC) as a precondition for approving the merger of Vodafone India and Idea Cellular.

The TDSAT ruling came after the VIL had moved the TDSAT in October 2018 to recover bank guarantees worth Rs 332.24 billion which had been paid under protest to get the DoT’s nod for the merger of Vodafone India and Idea Cellular.

 
 
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