According to Akshaya Moondra, chief executive officer, Vodafone Idea Limited (Vi), the government is yet to revert on the decision to convert its Rs 161.30 billion accrued interest on deferred adjusted gross revenue (AGR) related dues into equity. As per Moondra, this decision would prove to be critical for being able to induct investors and raise funds for expanding its 4G network and outlining its 5G rollout plans.
Moondra also informed that the government had sent a letter to Vi in March 2022 asking for the company’s confirmation to convert AGR dues into equity. Thereafter, in April 2022, the company had confirmed the amount of conversion of the amount agreed between DoT and Vi. The telco in the interim had told the government that its lenders want clarity on the government shareholding before committing funds.