Pushed to the brink, what next? Vodafone Idea’s options dwindle

Vodafone IdeaNSE 13.24 % Ltd.’s gamble seeking more time to pay the $4 billion it owes the Indian government failed in the nation’s top court, leaving the distressed mobile carrier with few options as it weighs its future.

India’s Supreme Court last week rejected a plea by mobile carriers for extended payment schedule and asked them to deposit a combined $13 billion in past dues for spectrum and licenses by March 17. Vodafone Idea, struggling with mounting losses and debt, owes the most among its peers.

In a statement on Feb. 15, the beleaguered operator said it’s assessing the amount it will be able to pay. It also said its ability to continue as a going concern depends on whether the court will modify a previous order that had set January 24 as the deadline for payment.