Vodafone Idea Limited (Vi) reportedly plans to clear dues worth around Rs 24 billion to the government by September 2023. The telco recently cleared pending dues of licence fees and spectrum usage charges (SUC) of about Rs 4.5 billion for Q4 FY 2022-23.
Vi had to pay a licence fee of nearly Rs 7.7 billion by July 2023 and Rs 16.8 billion as the first instalment for the spectrum it purchased in the 5G auction. While the company had sought 30 days to clear the spectrum payment, it is also gearing up to clear the licence fee payment by next month.
As per industry sources, dues on late payment of spectrum instalments will attract a 15 per cent interest rate on an annual basis. The telco will have to pay around Rs 17 billion for spectrum instalments and around Rs 7.1 billion for licence fee dues with interest. The total amount pending to be cleared by September 2023 is over Rs 24 billion.