By Malvika Gurung
Investing.com – Indian Telecom Giant Bharti Airtel (NS 🙂 sent its approval to the Department of Telecommunications (DoT) to defer its spectrum auction payouts and four-year AGR dues on Friday.
The phone company opted for the four-year moratorium on spectrum and AGR dues, while choosing the prepayment option according to NIA standards, a source said.
This makes Airtel the second Indian telephone company after Vodafone Idea (NS 🙂 to send its response to the back-up plan put in place by the DoT.
The Indian government department announced in September a relief plan for indebted Indian telecommunications players, which involved a four-year moratorium on AGR and spectrum fees, reduced bank guarantees and the abolition of SUC for waves that will be acquired in the future. auctions, among others.
The DoT also recently reached out to telecoms operators to ask if they would opt for a four-year moratorium on spectrum payment and AGR payment and set a deadline to return to October 29.
The ministry also informed telecom operators that they can choose to convert their main statutory contributions during deferred payment into equity at the end of their moratorium period, to which they must respond within 3 months.
Vi became the first telecommunications company to respond to the telecommunications ministry’s aid program on October 20.