As mountains of debt burden the telecom operator, Vodafone Idea ,plans have been formulated to clear about Rs 2,400 crore of dues to the government by September. The company had sought to clear the overbearing dues of license fees and spectrum usage charges of around Rs 450 crore for the March quarter of 2022-23.
“Vodafone Idea will clear dues for the June 2023 quarter and spectrum instalment with applicable interest by September, “ a trusted source said. Vodafone Idea was forced to pay a license fee amounting to Rs 770 crore by the end of July and Rs 1,680 crore as the first instalment for the spectrum which was purchased in auctions that were hosted the previous year .While the company has sought 30 days to clear the spectrum payment, the company is also gearing up to clear the license fee payment by September. Due to the untimely payment of spectrum instalment , it will attract about 15 per cent interest rate on an a yearly basis. Vodafone Idea will be urged to pay around Rs 1,700 crore for spectrum instalment and a whopping amount of Rs 710 crore for license fee dues along with interest.
“The total amount pending to be cleared by September is over Rs 2,400 crore,” a source informed. Vodafone Idea had said that there were many liquidity challenges owing to the delay in the fundraiser , while replying to a Department of Telecommunications (DoT) show-cause notice.