Vodafone Group CEO meets telecom minister as AGR crisis looms

NEW DELHI: With the Supreme Court mandated dues pushing Vodafone Idea to the brink, Vodafone Group CEO Nick Read on Friday met communications minister Ravi Shankar Prasad to discuss relief options to keep the company afloat.
The meeting assumes significance as Vodafone Idea Ltd (VIL), where the British telecom giant holds just over 45 per cent stake, is staring at Rs 53,000 crore in unpaid statutory dues, having paid only Rs 3,500 crore in two tranches so far.
VIL has said its self assessment pegs AGR (adjusted gross revenue) liabilities at Rs 21,533 crore, which is just 41 per cent of what the government has estimated.
After the over half an hour meeting with Prasad, Read refused to comment on whether the British telecom giant will exit India, saying “no comments”.