NEW DELHI: India's federal cabinet on Wednesday approved a much-expected relief package for the country's cash-strapped telecoms sector, a senior government source said.
The so-called relief package, which is likely to include a moratorium on payments for airwaves, will help India's three major wireless carriers including tycoon billionaire Mukesh Ambani's Reliance Jio but especially the embattled Vodafone Idea.The telecoms sector was shaken by Jio's entry in late 2016 with free voice and cut-price data plans.
Vodafone Idea has paid the government US$1.07 billion in telecoms dues, regulatory filings show, but still owes roughly 500 billion. Vodafone, which has a net debt of 1.91 trillion rupees, has previously raised serious concerns about its ability to stay afloat without government help. Its billionaire non-executive chairman stepped down last month.
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