Jio boxed into corner; CII, FICCI join cause to seek relief for telcos

Rival industry associations CII and FICCI have closed ranks and written to Finance Minister Nirmala Sitharaman seeking relief for telecom companies that have been ordered by the Supreme Court to pay Rs 1.47 lakh crore in past statutory dues, in an apparent attempt to counter billionaire Mukesh Ambani-run Jio’s narrative on the issue.

While Jio has been strongly opposing a bailout of telecom companies at taxpayers’ expense saying they had “sufficient” financial capacity to pay dues, CII and FII president’s have in separate letters asked Finance Minister to address “precarious” financial position of telcos saddled with a debt of Rs 7 lakh crore and ensure robust competition for vibrancy in the sector.