Debt-ridden telecom operator Vodafone Idea plans to clear about Rs 2,400 crore of dues to the government by September, sources privy to the development said.
The company recently cleared pending dues of licence fees and spectrum usage charges of about Rs 450 crore for the March quarter of 2022-23, a source told PTI.
"Vodafone Idea will clear dues for the June 2023 quarter and spectrum instalment with applicable interest by September, " the source said.
Vodafone Idea had to pay a licence fee of around Rs 770 crore by July and Rs 1,680 crore as the first instalment for the spectrum it purchased in auctions that were held last year.
While the company has sought 30 days to clear the spectrum payment, the company is also gearing up to clear the licence fee payment by September.
"Due to 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," another source said.
Also Read:Vodafone Idea News: Here's what the company said on raising funds, street sees 30% downside
First Published: Aug 22, 2023 4:18 PM IST
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