Vodafone Thought (Vi) mentioned on Tuesday that it has not but obtained any communication from the Division of Telecommunications (DoT) or the Authorities of India concerning 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.
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Clarification on Financial institution Assure Waiver
“We want to additional submit that the Firm as but has not obtained any communication from DoT / Authorities of India about any choice taken neither is there any press launch obtainable on its web site,” Vi mentioned in a clarification sought by the inventory exchanges after its inventory worth surged by over 10 p.c 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 keeping with business calls for.
Nevertheless, 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 choice is communicated or a press launch is issued.
“As and when a choice is communicated by the DoT or any choice of Authorities of India by way of a press launch is obtainable, the Firm will make the required disclosures as required,” Vi additional mentioned.
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Influence on Telecom Operators
The transfer goes to significantly profit Vodafone Thought, which was required to submit financial institution ensures amounting to Rs 24,700 crore for the previous auctions. Bharti Airtel and Reliance Jio may also profit, as they too are not required to submit the BGs, though the affect on them might be comparatively small.
