Vodafone Concept (Vi) stated on Tuesday that it has not but acquired any communication from the Division of Telecommunications (DoT) or the Authorities of India relating to the waiver of financial institution assure necessities (BGs) for deferred spectrum instalments. This clarification is available in response to a information report by Livemint dated November 26, 2024, concerning the Union Cupboard’s approval of a proposal to waive financial institution ensures for telecom operators on spectrum bought in auctions as much as 2022.
Additionally Learn: Vodafone Concept Defaults on Rs 350 Crore Financial institution Assure Fee: Report
Clarification on Financial institution Assure Waiver
“We want to additional submit that the Firm as but has not acquired any communication from DoT / Authorities of India about any determination taken neither is there any press launch out there on its web site,” Vi stated in a clarification sought by the inventory exchanges after its inventory value surged by over 10 % on Tuesday.
The telco added that it had beforehand submitted detailed representations to the DoT on October 8, 2024, requesting the elimination of the financial institution assure requirement for spectrum acquired earlier than 2022, in step with trade calls for.
Nonetheless, the corporate additionally famous that no press launch on the matter has been revealed on authorities web sites. The corporate assured that it could make the required disclosures as soon as a proper determination is communicated or a press launch is issued.
“As and when a call is communicated by the DoT or any determination of Authorities of India by means of a press launch is offered, the Firm will make the required disclosures as required,” Vi additional stated.
Additionally Learn: Any Aid on Financial institution Ensures Will Profit Whole Sector, Says Minister: Report
Impression on Telecom Operators
The transfer goes to notably profit Vodafone Concept, which was required to submit financial institution ensures amounting to Rs 24,700 crore for the previous auctions. Bharti Airtel and Reliance Jio can even profit, as they too are not required to submit the BGs, though the affect on them can be comparatively small.
