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Vodafone CEO firefights, only Rs 3,500 crore paid on AGR dues

New Delhi, March 6 (IANS) Even as Vodafone group CEO Nick Read descended on India to meet top government functionaries on the same day, the joint venture company, Vodafone Idea, pegged its AGR liabilities at Rs 21,533 crore.

Read on Friday met Finance Minister Nirmala Sitharaman at a time when Vodafone Idea is under severe financial stress and also faces the uphill task of making payments of AGR dues as per the Supreme Court judgement.

This is an engagement by the top Vodafone group management as the joint venture company in India has been at the centre of a storm, sandwiched between financial problems and heightened competition in the telecom sector. Vodafone Idea has been seeking a government package and relief from AGR dues as it has said that it will be very difficult for it to sustain operations without any relief.

Vodafone has estimated adjusted gross revenue (AGR) liabilities of Rs 21,533 crore in a self-assessment exercise. Of this, it has paid Rs 3,500 crore and almost Rs 18,000 crore remains to be paid.

In a filing with stock exchanges, it said that following the approval of the board of directors at a meeting held on Wednesday, the company has on Friday filed its self-assessment of AGR liabilities with the Department of Telecommunications.

Vodafone Idea said in the filing that the self-assessment disclosed the company’s AGR liabilities at Rs 21,533 crore, including a principal amount of Rs 6,854 crore for the period from FY 2006-07 to FY 2018-19 and interest up to February 2020.

The company has already paid a sum of Rs 2,500 crore in February 2020 and a further sum of Rs 1,000 crore towards this liability on February 20.

–IANS

san/arm

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