Vi gets 30 days grace period for spectrum fees, loss widens to Rs 7840 crore

According to the company's announcement on Monday, Vodafone Idea will get a 30-day grace period for paying its annual instalment of spectrum payment, totaling $1,680 crore plus interest, due on August 17 in connection with the purchase of 5G airwaves last year. Without naming the promoter entity, the business claimed that one of the promoters will offer 2,000 crore in financial help if the company needs money to make the payment. 

“The company has received a communication from a promoter group entity confirming that in the event of any fund requirement for meeting its impending payment obligations by the company, it shall provide direct or indirect financial support to the extent of ₹2,000 crore," it said in another statement.

Meanwhile, Vi’s losses widened from ₹7,296 crore a year earlier to ₹7,840 crore in the June quarter, even as revenues rose from ₹10,410 crore to ₹10,655 crore during the period.

Even while revenues increased from 10,410 crore to 10,655 crore during the quarter, Vi's losses increased from 7,296 crore a year earlier to 7,840 crore.

Source: Media Reports