It seems that Vodafone-Idea is going to clear its AGR dues soon as Verizon and Amazon are reportedly planning to invest a huge sum to revive its operations in India. Both, companies are expected to invest more than $4 billion in the merged entity.
In fact, both companies (Verizon and Amazon) have again started discussions with the operator after the verdict of the apex court, reports Mint. The deal will play a major role as Vodafone-Idea is under a lot of debt. But, still, there is no confirmation or announcement by the company on this stake-selling deal.
Vodafone-Idea Board Meeting After Supreme Court Order
The latest development comes after Vodafone-Idea shared that it is going to hold a board meeting on Friday (September 4). “The Board of Directors of the Company is scheduled to meet on September 4, 2020, to consider and evaluate all proposals for raising of funds in one or more tranches by way of a public issue, preferential allotment and private placement,” Vodafone-Idea said in BSE filing. This means there are high chances that tomorrow (September 4), Vodafone-Idea will share some details about this deal.
Vodafone-Idea AGR Dues To DoT
The Department of Telecom (DoT) has asked Vodafone-Idea to pay Rs. 58, 254 crore as AGR dues. However, the operator has cleared some amount and now it has to pay Rs. 50, 399 crore in the next 10 years, which means it has to pay Rs. 1, 128 crore every quarter. On the other hand, Airtel has to pay Rs. 25, 976 crore. The operator has already cleared dues worth Rs. 18,004 crore.
Vodafone-Idea To Sell Stake In Indus Towers
Meanwhile, Vodafone-Idea has decided to sell its 11.15 percent stake in Indus towers. This deal will help the operator to raise Rs. 4,000 crore in the coming days. The decision comes after Bharti Infratel shared its plans to close its deal with Indus towers and to become the largest tower company in the world. Notably, Vodafone Group Plc, Vodafone-Idea, and Bharti Infratel have invested in Indus Towers.