“We have not engaged with the government on this matter and currently have no plans to do so. There are no intentions at this time to give any relaxations on the pending dues of Vi or provide any fresh loans to the company,” said a senior bank executive.
Vi Chief Executive Officer Akshaya Moondra, during an after-earnings call with analysts on Monday, said that the telecom company is in talks with banks to obtain debt financing for its long-term growth plans. He also added that the banks would require clarity regarding the company’s outstanding dues to the government before committing to provide loans. The company board has approved a fundraise amounting to ₹20,000 crore in one or more tranches.
In May, the SC had dismissed petitions by telecom companies Vi and Bharti Airtel seeking a waiver on paying interest, penalty, and interest on penalty components as part of their long-standing AGR dues.
“We will see how the government will look at the issue of AGR dues,” said another senior banking executive.
In an interview with Business Standard, Telecom Minister Jyotiraditya Scindia on Wednesday said that Vi has been in conversation with the government for a long period. “We have converted ₹36,000 crore of our dues into equity. We are now at 49 per cent holding in Vi, and we do not intend to increase that equity,” he said.
Email queries sent to the finance ministry, Vi, and the Department of Telecommunications did not elicit any response until the time of going to press.
Vi owes ₹83,400 crore in AGR dues to the government and had sought a waiver on over ₹45,000 crore comprising interest, penalty, and interest on penalty.
Moondra had said that Vi is set to incur capital expenditure of ₹5,000–6,000 crore for the first half of 2025–26 to enhance its network and infrastructure, and its next leg of spending would be dependent on funds from banks.
Last week, Vi reported a net loss of ₹7,166 crore in the January-March quarter of 2024–25 (FY25), which narrowed 6.62 per cent from the corresponding quarter of the preceding financial year, aided by lower expenses. On a sequential basis, however, the net loss widened by 8.42 per cent from ₹6,609 crore in the October–December quarter of FY25.
 "Vodafone Idea")