Vodafone Idea to clear about Rs 2,400 crore dues by September

Debt-ridden telecom operator Vodafone Idea plans to clear about Rs 2,400 crore of dues to the government by September. The company recently paid off around Rs 450 crore in licencing payments and spectrum usage fees that were past due for the March quarter of 2022–2023.

"Vodafone Idea will clear dues for the June 2023 quarter and spectrum instalment with applicable interest by September," the source stated. Vodafone Idea was required to pay a licence fee of approximately Rs 770 crore by the end of July and Rs 1,680 crore as the initial payment for the spectrum it bought in last year's spectrum auctions.

The corporation is preparing to pay the licencing cost by September even though it has requested 30 days to clear the spectrum payment. "Due on late payment of spectrum instalment will attract 15 per cent interest rate on annual basis. The company will have to pay around Rs 1,700 crore for spectrum instalment and around Rs 710 crore for licence fee dues with interest. The total amount pending to be cleared by September is over Rs 2,400 crore,” according to media reports.

Source: Media Reports