Amid crisis, Vodafone CEO tells govt company wants to make a new, good beginning in India

Vodafone CEO Nick Re on Friday met IT and Telecom Minister Ravi Shankar Pras to discuss relief options to keep company afloat in India. He also met Finance Minister Nirmala Sitharaman at Parliament House earlier in day. News ncy PTI quoting government sources said that Vodafone CEO Nick Re has told  government that  company wants to make a new, good beginning in India.

Against a mopoly in telecom: Govt

meetings come at a time when Vodafone Idea Ltd faces questions on its survival in India as Supreme Court mounts pressure on  UK-based telecom giant. Sources also said Ravi Shankar Pras me it clear that  government is against mopoly in telecom sector and wants Vodafone Idea to survive & remain invested in India. sources ded that relief measures for telecom firms is a work in progress.

sources said that Ravi Shankar Pras conveyed India's growing ecomic clout and its attractiveness to foreign investors, as also ermous size of its market. minister pointed out that company has 30 crore subscribers in India and that telecom market presents huge opportunities. India wants fair competition, minister is learnt to have told Vodafone CEO.

Sources said Re also ackwledged that AGR issue should have been dressed long back by company. It is learnt that Vodafone Idea will have to pay at least principal amount of its AGR dues at earliest.

Vodafone worst hit by SC's verdict

Telecom companies are desperately waiting for a bailout pack from government after a Supreme Court order put ir statutory liabilities at Rs 1.47 lakh crore, and all eyes have been on Department of Telecommunications for much-needed brear to fix AGR problem. Vodafone Idea is worst hit by verdict with over ₹50,000 crore in past dues. It has so far paid just ₹3,500 crore in AGR dues to DoT.

Vodafone Idea Ltd (VIL) recently told government that it would t be able to pay full dues unless state support is extended to survive crisis. It h me a strong plea for setting off Rs 8,000 crore of GST credits, a three-year moratorium on payment of remaining amount which should be staggered over 15 years at a simple interest rate of 6%, a drastic cut in licence fee and fixing of a minimum price of calls and data.

RE | Vodafone Idea pays Rs 1,000 cr to telecom dept towards dues: Source

RE | Vodafone Idea urges government to set minimum mobile data tariff at Rs 35 per GB

'We will shut shop'

intensity of crisis being faced by VIL can be gauged from fact that Vodafone Idea Chairman Kumar Mangalam Birla has held multiple rounds discussions at telecom ministry and finance ministry over last few weeks to look for a solution to keep telecom operations on track.

In December, Birla h said VIL may have to shut if re is relief on statutory dues. "If we are t getting anything, n I think it is end of story for Vodafone Idea. It does t make sense to put good money after b. We will shut shop," Birla h said.

RE | Vodafone Idea seeks government support to clear AGR dues, requests GST refund of ₹8,000 cr

RE | Jio and Airtel having internal talks to swiftly absorb Vodafone-Idea users if it fails

(With ncy inputs)