Waive penalty, interest dues of Vodafone Idea: CEO Nick Read

MUMBAI | NEW DELHI: Vodafone Group CEO Nick Read said Wednesday the UK telco’s Indian JV has sought waiver of interest and penalties on its adjusted gross revenue (AGR) dues and wants to pay the principal over 10 years with a two-year moratorium. Read reiterated that his company won’t infuse any fresh capital into loss-making Vodafone IdeaNSE 0.95 %, and once again described the situation in India as critical.

The delay in providing relief on AGR dues, combined with the delay in government’s nod to the Bharti InfratelNSE 1.30 % and Indus Tower merger was “putting Vodafone idea under incredible strain,” Read said while addressing the UK firm’s earnings call. Bharti Infratel and Indus Towers have been forced to extend the deadline to close their merger twice due to delays in government approval.