DoT awaiting financiers detail from Vodafone-Idea for Rs 15,000 crore FDI application

Vodafone Idea (Image: Reuters)

Vodafone Concept (Image: Reuters) The Department of Telecom is waiting for the information of investors from Vodafone Idea for clearing the telco’s Rs 15,000 crore foreign direct investment proposition, an official source said on Thursday.Debt-ridden Vodafone Concept(

Vi)has looked for federal government approval to raise Rs 15,000 crore to money its operations in the nation.”There is no issue in Vodafone Concept

raising Rs 15,000 crore however they need to offer investors ‘information for the processing of the application. The last approval needs to be given by the Cabinet,”a main source told PTI.The board of Vi in September 2020 had authorized raising as much as Rs 25,000 crore however the business could not go ahead with its fund-raising plans.The board approval likewise included issuance of”unsecured and/ or secured, non-convertible debentures”up

to an aggregate quantity of Rs 15,000 crore, by way of public offering or private placement basis or otherwise, in one or more tranches.The fund-raising will throw a lifeline to cash-strapped VIL, which has suffered massive losses, as it has actually been losing subscribers and average revenue per user(ARPU), and deals with exceptional AGR dues of RS 50,399.63 crore as per federal government data.Vi Handling Director and CEO Ravinder Takkar in a statement on June 30 had actually stated, “We remain in active conversation with potential financiers for fund raising, to accomplish our strategic intent. “The business in the last quarter of 2020-21 had actually reported narrowing of its combined loss to Rs 7,022.8 crore for the quarter ended March 31, 2021. Overall

earnings of Vodafone Concept Vi declined by about 19 percent to Rs 9,647.8 crore from Rs 11,920.4 crore in the matching quarter of 2019-20. The gross financial obligation(excluding lease liabilities)as of March 31, 2021 stood at Rs 1,80,310 crore. Released at Thu, 22 Jul 2021 12:29:15 -0500