Banks led by the State Bank of India (SBI) have requested the government to give debt-laden Vodafone Idea Limited (Vi) more time to settle its tax dues and spectrum fees. As of June 30, Vi’s gross debt stood at Rs 1.9 trillion, including deferred spectrum payment obligations of Rs 1.06 trillion and an adjusted gross revenue (AGR) liability of Rs 621.8 billion. The telecom operator also owes Rs 234 billion to financial institutions.
Senior SBI officials and representatives of the Indian Banks’ Association (IBA) met with the departments finance and telecommunications officials to propose an immediate breather on the repayment of spectrum dues. The SBI and IBA officials have also proposed extending relief to Vi by restructuring its dues.