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| Photo Credit: Reuters
Debt-ridden telecom operator Vodafone Idea plans to clear about ₹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 ₹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 about ₹770 crore by July and ₹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 on late payment of spectrum instalment will attract 15% interest rate on annual basis. The company will have to pay around ₹1,700 crore for spectrum instalment and about ₹710 crore for licence fee dues with interest. The total amount pending to be cleared by September is over ₹2,400 crore,” another source said.