Hopes have been raised after the government deferred upcoming spectrum payments for the next two financial years until March 2022. Finance Minister Nirmala Sitharaman also said this month that relief is under consideration although no final call had been made.
Vodafone Idea and Bharti Airtel did not respond to requests for comment. Vodafone Group declined to comment.Vodafone Idea this month booked a US$7 billion quarterly loss, the biggest in Indian corporate history, in large part due to provisions for payments owed. Parent Vodafone has also laid its case on the line: writing down the value of its 44 per cent stake in the unit to zero and vowing it will not commit more equity to India.
But even if the government obliges with generous financial waivers, analysts note Vodafone Idea would still be deeply troubled. "If Vodafone Idea doesn't have enough customers left, it is going to be very difficult for it to remain solvent," said Vivekanand Subbaraman, an analyst at Ambit Capital. It would also represent a huge setback to India's push to make government services accessible to hundreds of millions of Indians via the internet.
Source: News Formal (newsformal.com)
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