Vodafone Group makes about Rs 1,530 crore accelerated payment to Vodafone-Idea

British telecom giant Vodafone Plc on Wednesday said it has advanced infusion of USD 200 million (about Rs 1,530 crore) in its Indian joint venture with Aditya Birla Group, that is facing a humongous liability of past statutory dues.The amount is relatively small when seen in the context of over Rs 58,000 crore liability that the cash-strapped Vodafone-Idea Ltd faces just on account of past statutory dues as a fallout of a Supreme Court decision.
Vodafone Group, in a statement, said it has “accelerated this payment to provide Vodafone Idea with liquidity to manage its operations, and to support the approximately 300 million Indian citizens who are Vodafone Idea customers as well as the thousands of Vodafone Idea employees during this phase of emergency health measures, taken as a result of the COVID-19 pandemic.”
“Vodafone Group announces that it has accelerated a payment of USD200 million to Vodafone Idea, which was due in September 2020 under the terms of the contingent liability mechanism with Vodafone Idea,” the statement said.