Government to closely monitor Vodafone Idea for next three months: Official

NEW DELHI: The Department of Telecommunications (DoT) is closely monitoring the ailing Vodafone Idea (Vi) Limited for the next three months expecting it to raise necessary funds for survival enabling competitiveness in the market.

“The telecom department hopes that they (Vodafone Idea) will move very fast, and how it (equity conversion) translates into cash in the next three months, is crucial,” a senior government official said, adding that the telco can now raise funds.

Last week, the Centre cleared the conversion of Vodafone Idea’s accrued interest on deferred adjusted gross revenue (AGR) dues worth Rs 16,133 crore into state equity taking a stake of nearly 33.44% a majority among existing stakeholders.