Looking at 3 telcos' proposals on converting dues into equity: Vaishnaw
The government is examining proposals from three telecom companies keen to opt for converting interest on deferred spectrum and adjusted gross revenue (AGR) dues into equity, Telecom Minister Ashwini Vaishnaw said in the Rajya Sabha on Friday.
The minister -- responding during Question Hour to a query if the government has any equity in private telecom firm Vodafone -- said a one-time option was given to telecom companies to either pay upfront the interest on AGR dues or convert it in the form of equity in lieu of that as part of the structural reforms announced in September last year.
The one-time option was given to telecom companies to ensure the government's revenue is not compromised, he said.
The minister said, "Three companies have exercised that option. We have received their letters and we are examining them."
The option was also given because the telecom sector has been going through a tough phase for many years, due to which, the balance sheet of many companies is not go