AGR dues: We have sought 10 years to pay principal, says Vodafone CEO

British telecom major Vodafone on Wednesday said it has sought waiver of interest and penalty from statutory dues demand raised by the government from Vodafone Idea, and a time of 10 years to pay only the principal amount with a two-year moratorium. The Supreme Court in October upheld the demand raised by the government from telecom operators to pay levies on the revenues earned by them. Vodafone Idea Ltd (VIL), in which Vodafone holds 45.39 per cent stake, is staring at unpaid statutory dues of Rs 53,038 crore, including Rs 24,729 crore of spectrum dues and Rs 28,309 crore in licence fee, and has already warned of shutdown if no relief is given.

“Specifically, we have requested an immediate two-year moratorium on spectrum payments, lowering of licence fees and taxes, waving off interest and penalties on the AGR (adjusted gross revenue) case and ability to make the payment on principal over 10 years with a 2-year moratorium,” Vodafone Chief Executive Officer Nick Read said during investors presentation.