Active Stocks
Sat Mar 02 2024 12:29:56
  1. Tata Steel share price
  2. 155.30 3.53%
  1. HDFC Bank share price
  2. 1,430.50 -0.05%
  1. State Bank Of India share price
  2. 773.40 0.53%
  1. ICICI Bank share price
  2. 1,084.60 -0.21%
  1. Axis Bank share price
  2. 1,095.00 -0.40%
Business News/ Industry / Telecom/  Vodafone global CEO seeks meeting with telecom minister
BackBack

Vodafone global CEO seeks meeting with telecom minister

The meeting of Vodafone’s top executive comes at a time when the company is facing a survival crisis
  • Vodafone Idea is the worst hit by the Supreme Court's AGR verdict with over ₹50,000 crore in past dues
  • Vodafone has asked the government for urgent relief and also suggested that licence fee and spectrum usage charges be reduced. Photo: ReutersPremium
    Vodafone has asked the government for urgent relief and also suggested that licence fee and spectrum usage charges be reduced. Photo: Reuters

    NEW DELHI: Vodafone Plc global chief executive officer Nick Read plans to come to India on 6 March and has requested a meeting with telecom minister Ravi Shankar Prasad, a person aware of the matter said requesting anonymity.

    “The meeting has not been confirmed by the government yet," the person said.

    The meeting of Vodafone’s top executive comes at a time when its India entity, formed by merging Vodafone India with Idea Cellular of the Aditya Birla group, has been facing a survival crisis following an unfavourable court verdict.

    The Supreme Court had last year upheld the government’s definition of adjusted gross revenue (AGR), on which it calculates levies on telecom operators. The order dealt a blow to the telecom industry. Vodafone Idea is the worst hit by the verdict with over 50,000 crore in past dues.

    The company has asked the government for urgent relief and also suggested that licence fee and spectrum usage charges be reduced, and that its goods and services tax credits worth 8,000 crore be adjusted against its dues. It has also requested that after the adjustments, the payment of balance amount of interest, penalty, and interest on penalty be allowed in a staggered manner.

    Vodafone Idea Ltd has urged the government to set a minimum price of 35 for 1 gigabyte (GB) of mobile data, besides 50 a month as connectivity charges, to support a recovery of the telecom sector, Mint reporter earlier this week.

    Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

    Catch all the Industry News, Banking News and Updates on Live Mint. Check all the latest action on Budget 2024 here. Download The Mint News App to get Daily Market Updates.
    More Less
    Published: 03 Mar 2020, 09:38 AM IST
    Next Story footLogo
    Recommended For You
    Switch to the Mint app for fast and personalized news - Get App