Tata Tele Services Limited (TTSL) has abstained from converting its accrued interest on deferred adjusted gross revenue (AGR) dues into government equity.
This decision has come in the backdrop of malaise over government’s estimated amount for conversion into equity. The government’s calculated interest which could be converted to equity was much lesser than the company’s estimates. Owing to this, TTSL has withdrawn its proposal to convert accrued interest on AGR dues into government equity.
Earlier, TTSL had informed the Department of Telecommunications (DoT) of its desire to convert interest dues of Rs 41.39 billion into government equity, which was an option given in the telecom relief package announced in September 2021.
