Tatas banks on TCS to arrange funds for AGR dues

Mumbai: Tata Sons has started the process of arranging funds for paying off the statutory dues of Rs 13,823 crore owed by Tata Teleservices, top officials close to the development said. It will most likely bank on group flagship TCS for sourcing funds in case it has to pay the dues immediately, an official privy to the matter said.

The move comes even as the Supreme Court is scheduled to hear modification petitions filed by telcos after the court upheld the government’s broad definition of telecom service providers’ adjusted gross revenues (AGR) based on which their levies and spectrum charges are calculated.