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LATEST NEWS UPDATES | The Prospect of a Telecom Monopoly -CP Chandrasekhar and Jayati Ghosh

The Prospect of a Telecom Monopoly -CP Chandrasekhar and Jayati Ghosh

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published Published on Aug 24, 2021   modified Modified on Aug 26, 2021

-NetworkIdeas.org

With its gross debt as of March 31, 2021 placed at Rs. 1.8 lakh crore and losses in the preceding quarter totalling more than Rs. 7,000 crore, Vi (former Vodafone Idea), once India’s largest telecom company in terms of subscriber base, is staring at bankruptcy. In a last-ditch effort to win state support to survive, Kumar Mangalam Birla, the Chairman of Vi, wrote to the government in June, offering to hand over the Aditya Birla Group’s close to 27 per cent stake in Vi. He later also stepped down as Chairman of Vi, as if to show his offer was credible.

The ‘shares for free’ offer was contingent on an official rescue package that would include revisiting the company’s adjusted gross revenue (AGR) liability, announcing a moratorium on spectrum charges and getting the regulator to set floor telecom tariffs above the low levels to which they had fallen because of the predatory price war launched by Reliance Jio. The company’s debt included spectrum payment obligations exceeding Rs 96,000 crore, AGR dues of close to Rs. 61,000 crore and debt to banks and financial institutions of around Rs. 23,000 crore. A reprieve on payments in the first two of these liabilities gives the company a fighting chance to remain in business.

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NetworkIdeas.org, 24 August, 2021, https://www.networkideas.org/featured-articles/2021/08/the-prospect-of-a-telecom-monopoly/?fbclid=IwAR015olw07QzqKOYSPpJf6pzUcAsSm19iYANyAtKKjzhdZXUJI8fQxi5bh4


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