As per Vodafone Group’s chief executive officer, (CEO) Nick Read, the UK telco’s Indian joint venture (JV) Vodafone Idea has sought waiver of interest and penalties on its adjusted gross revenue (AGR) dues and wants to pay the principal amount over 10 years with a two-year moratorium.
Read said that the company would not infuse any fresh capital into loss-making Vodafone Idea, and once again described the situation in the Indian telecom sector as critical.
Further, Read has urged the Indian government to take immediate action to support the continuation of the three private and one public sector player market. To this end, the Vodafone Group also expects the government to lower the licence fees and taxes and set up a floor price to eliminate predatory pricing.
As per the company, the delay in providing relief on AGR dues and delay in government’s nod to the Bharti Infratel and Indus Tower merger was putting Vodafone Idea under incredible strain.
As per Read, there has been considerable engagement from the government and the company awaits the Supreme Court’s decision on the modification application filed by telcos.