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After Airtel, Vodafone Idea does its math on AGR; estimates dues at Rs 21,533 crore

Self-assessment by the company discloses its AGR dues at Rs 21,533 crores including a principal amount of Rs 6,854 crore for the period from FY 2006-07 to FY 2018-19 and interest up to February 2020, says the company

twitter-logoBusinessToday.In | March 6, 2020 | Updated 16:02 IST
After Airtel, Vodafone Idea does its math on AGR; estimates dues at Rs 21,533 crore
Vodafone Idea has already paid Rs 3,500 crore worth of AGR dues

On a day its global CEO Nick Read held parleys with Union Finance Minister Nirmala Sitharaman, Vodafone Idea on Friday said its self-assessment on pending AGR dues for FY07-FY19 stood at Rs 21,533 crore, contrary to the Department of Telecom's demand of Rs 53,500 crore. The company said the amount includes Rs 6,854 crore worth of principal amount up to FY19 and interest up to February 2020.

The telco, in a statement today, said: "The self-assessment discloses the Company's AGR liabilities to aggregate Rs 21,533 crores including a  principal amount of Rs 6,854 crores for the period from FY 2006-07 to FY 2018-19 and interest up to February 2020."

ALSO READ:AGR crisis: Vodafone Idea wants call rates, internet data prices hiked up to 8 times

Of this, the company has already paid Rs 2,500 crore on February 17 and Rs 1,000 crore on February 20, taking the entire paid-up amount to Rs 3,500 crore.

Nick Read, the global Chief Executive Officer of the Vodafone Group, also called on Sitharaman on Friday. Though he avoided giving his comments to media after the meeting, it's believed he requested the government to save the loss-making telco in wake of the AGR crisis. Read had earlier said that Vodafone Idea would head for "liquidation" if the government did not offer relief to the telcos.

Bharti Airtel on March 3 had also self-assessed its AGR dues at Rs 13,004 crore contrary to the government's assessment of Rs 35,586 crore. Of this, Airtel has paid Rs 18,004 crore already.

ALSO READ:Airtel does its own math on AGR, finds total dues to be much less

Vodafone Idea had earlier said it needed 15 years to pay pending statutory AGR (Adjusted Gross Revenue) dues worth Rs 53,000 crore sought by the DoT. In a letter to the Department of Telecommunications (DoT), Finance Ministry and NITI Aayog, the telco had sought Rs 8,000 crore worth GST (Goods and Services Tax) refund in licence fees and spectrum usage charges amid pressure from the government as well as the Supreme Court.

Vodafone Idea, which pays 8 per cent AGR as licence fee, wanted the DoT to reduce it to 3 per cent. It also said the government should also reduce spectrum usage charges from 3-5 per cent to 1 per cent.

ALSO READ:Spectrum dues: Vodafone Idea pays Rs 3,042 crore; Airtel gives Rs 1,950 crore to DoT

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