Amid expectations that the federal government may discover a answer to forestall the collapse of Vodafone Idea Ltd, Finance Minister Nirmala Sitharaman on Monday mentioned a “lot of officers” had been speaking to one another however nothing has come to her. The monetary well being of India’s quantity three cellphone operator is a priority for its lenders after the Supreme Court final month rejected its petition to reassess again dues to the federal government.
“A lot of officers are speaking to one another… (however) nothing has come to me,” Sitharaman advised reporters right here.
She didn’t point out whether or not the talks had been between authorities officers or the lenders had been speaking to Vodafone Idea.
Vodafone Concept, which is struggling to remain afloat, has deferred spectrum cost obligations of Rs 1,06,010 crore and Adjusted Gross Income (AGR) legal responsibility of Rs 62,180 crore which are as a result of authorities.
Billionaire Kumar Mangalam Birla, who just lately stepped down as chairman of Vodafone Concept Ltd, had beforehand sought authorities assist and had additionally supplied to surrender his stake within the telecom operator.
Vodafone Concept has repeatedly made annual losses after March 2016 because the entry of Mukesh Ambani’s Reliance Jio that yr. Jio debuted with ultra-low costs, forcing rivals to stop, merge or go bankrupt.
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