Indus Towers sets aside Rs 1,233 crore as receivables from key customer

Indus Towers has set aside Rs 1,233 crore as doubtful debt in its balance sheet, on account of receivables due from one of its key customers, receipt of which remained challenging in the short term, and has impacted its financial performance for the quarter ended June 30.

The key customer, which analysts say, is cash-strapped Vodafone Idea NSE -2.75 %, has told the tower company that it is on the verge of finalising a payment plan to the company where it has committed to pay part of the amount to be billed till the end of the year and 100% of the amount billed thereafter.