INDIA has reduced Vodafone Idea’s long-pending dues to £4.96 billion from £6.79 billion, the telecom firm said on Thursday.
The dues stem from a legal dispute over the government’s method of calculating adjusted gross revenue, which telecom operators had contested, as this metric determines licence fees and other dues.
In December, the government approved a partial moratorium on Vodafone Idea’s dues, freezing them at £6.79 billion and deferring repayments to the 2030s, providing near-term cash flow relief for the debt-saddled firm.
The company will now have to pay £7.74 million annually over four years from financial year 2032 to 2035, with the remaining amount to be cleared in six equal yearly instalments between fiscal years 2036 and 2041.
