Birla offers t hand over V stake to gov
Aditya Birla group chairman Kumar Mangalam Birla has offered to hand over his stake in debt-laden Vodafone Idea Ltd (VIL) to the government or any other entity that the government may consider worthy to keep the company operational.
The billionaire businessman made the offer in June in a letter to cabinet secretary Rajiv Gauba.
According to official data, VIL had an adjusted gross revenue (AGR) liability of ₹58,254 crore out of which the company has paid ₹7,854.37 crore and ₹50,399.63 crore is outstanding.
VIL alongwith Bharti Airtel had approached the Supreme Court for correction in the government calculations but their plea was rejected.
In the letter, Birla, who holds around 27% stake in VIL, said investors are not willing to invest in the company in the absence of clarity on AGR liability, adequate moratorium on spectrum payments and most importantly floor pricing regime above the cost of service.
Without immediate active support from the government on the three issues by July, the financial situation of VIL will come to an “irretrievable point of collapse,” Birla said in the letter dated June 7.
“It is with a sense towards the 27 crore connected by VIL, I a than willing to hand o stake in the company entity—public sector/ ment /domestic financi or any other that the ment may consider w keeping the company as concern,” Birla said in th
There were no im comments from either Birla group or VIL on th
Further, it could not b tained whether there w other communications Birla and the governme the June 7 letter.
In September 2020, received approval from i to raise up to ₹25,00 However, the company been able to raise the f far.
According to Birla’s le has not yet approached nese investors. Foreig tors, mostly non-chin hesitating in making inv in the company for unde ble reasons, he added.
VIL’S gross debt, ex lease liabilities, stood at ₹ crore as of March 31, 2 amount included deferr trum payment obligat ₹96,270 crore and de banks and financial inst of ₹23,080 crore apart f AGR liability.