Vodafone Idea reduces loss to Rs 7,176 crore in July-Sept quarter
Vodafone Idea has reduced its losses to Rs 7,176 crore in the July-September quarter of the current financial year from Rs 8,738 crore in the same quarter last year.
Troubled telecom major Vodafone Idea Ltd. (VIL) informed its lenders that it will pay accrued interest on due loans, around Rs 500 crore, in the third quarter (October-December), a report from The Economic Times said on Monday, which cited sources familiar with the matter.
As per the report, the company informed its lenders that it will clear the interest on its due loans after availing the six-month-long moratorium period.
The RBI’s relief of suspension of monthly loan installment started on March 27, initially for a period of three months, which was later extended for another three months till August 31.
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The telco reportedly gave assurance to its lenders saying that it will not seek loan restructuring or easing of terms of repayment.
Vodafone Idea is currently awaiting Supreme Court’s decision on staggered payments of its AGR dues of Rs 58,000 crore in a period of 15-20 years as it has sought. If the top court denies that the company will then have to file for bankruptcy and then the government stands to lose Rs 2 lakh crore.
Speaking on the matter the ET report quoted a banker as saying, “VIL will pay interest which could be around Rs 500 crore to the banks rather than go for a loan restructuring. If SC does not allow long duration for AGR payments then the restructuring will not help.”
Vodafone Idea had not responded to the queries sent by the ET.
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