Telecom Companies interested in converting pending dues into equity: Telecom Minister says
Telecom Minister Ashwini Vaishnav said in Rajya Sabha that three Telecom Companies are interested in converting pending dues into equity.
The question raised by the parties in Rajya Sabha regarding the holding of Government in Telecom sector and reply comprised the above info of three companies seeking a conversion in equity for dues.
The Minister also told that the Telecom operators were presented with a One-Time Option.
Highlighted Facts
- Telecom Operators have opted for the mode of paying the dues to the government in equity.
- The minister has revealed the information that three telecom companies are interested in dues conversion to equity.
- The government has also stated the identification of the network telecom sited in Odisha is about 3,933.
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Friday, 4 February 2022 the Telecom Minister Ashwini Vaishnava said in Rajya Sabha on ongoing session of parliament, the government has received three company’s proposals for converting the dues of interest of deferred spectrum and adjusted gross revenue (AGR) into equity.
The question was raised in the Parliamentary debate in Question Hour if the government has any equity in private telecom firm Vodafone, said that a one–time option was given to telecom companies to pay either in AGR dues or convert it in the form of equity instead of that as part of the structural reforms that were announced on September 2021.
He told the above info as it was intended to ensure that the government revenue is not compromised as it gave a One-Time option.
Minister said
“The companies have exercised that option, we have received their letters and we are examining them.”
He told that the option that has been given by us to the companies has a major intention to enhance the development of companies as they were going on from a tough phase for many years, due to which the balance sheet of the company is not good today despite having the high growth in the Telecom sector.
While responding to the request of BJD minister Sujeet Kumar to expedite Bharatnet Project KVK (Krishi Vigyan Kendra) in Odisha district, the minister told that the government has identified a total of 7,000 new Telecom sites across the country including the areas that are not connected.
He also told about the Odisha that 3,933 sites have been identified, in response to BJD leader question, and asked to approach the state government to quickly identify the sites for installation of towers.
He also told about the Bharatnet project as it is implemented by the state government and the implementation is not all satisfied in Odisha.
