Tata Sons may bank on TCS to clear teleservices’ AGR dues

Tata Sons has started the process of arranging funds for paying off the statutory dues of Rs 13,823 crore owed by Tata TeleservicesNSE 0.00 %, top officials close to the development said. It will most likely bank on group flagship TCSNSE -0.65 % for sourcing funds in case it has to pay the dues immediately, an official privy to the matter said.

The move comes even as the Supreme Court is scheduled to hear modification petitions filed by telcos after the court upheld the government’s broad definition of telecom service providers’ adjusted gross revenues (AGR) based on which their levies and spectrum charges are calculated.

The steel to salt conglomerate is upset over the impact of this payout demand. “But we are realistic of the importance to have a payment plan in place,” one of the officials said.