After a long wait, Vodafone Idea (Vi) has been able to secure a lifeline as the Centre on Friday approved the conversion of the telco's dues linked to interest on spectrum and adjusted gross revenue (AGR) worth ₹16,133 crore into equity. With this, the government will have a 33 per cent stake, making it the biggest shareholder in the financially-stressed telecom joint venture between UK's Vodafone and Kumar Mangalam Birla-owned Aditya Birla Group.
The development comes nearly 13 months after the Vi board cleared the interest conversion. Even as the Union Cabinet had cleared a telecom package including conversion of dues into equity in October 2021, the government had recently put a condition that promoters of Vodafone Idea must infuse funds into the telco before any equity conversion could take place.
Late on Friday, Communications Minister Ashwini Vaishnaw told Business Standard: "The Birlas have agreed to manage the telco while committing necessary investments to take the company forward." The investments could come either from the Birlas or along with partners, the minister said. "We have decided to convert the dues into equity," Vaishnaw confirmed.
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