Vodafone Idea Limited (VIL) has informed that its entire net worth has been wiped out over the last 15 years and equity of over Rs 1 trillion brought in by promoters has also been eroded.
In its recent submission before the Supreme Court (SC)on the adjusted gross revenue (AGR) issue, VIL said that it has spent whatever it earned as cost to run the telecom infrastructure, reiterating its inability to pay AGR dues immediately.
Substantiating its statement, the operator added that revenue worth Rs 4.95 trillion out of Rs 6.27 trillion has been used for operational cost. It further said all of its tangible assets are secured with banks and no lender is willing to lend it more.
Casting doubt on the future ability to pay the dues, the SC said it finds it difficult to rely on the telecom operator.