PMO reviewing DoT proposal to extend Vodafone Idea's repayment deadline
Vodafone Idea is in deep financial trouble, and the Prime Minister's Office is now reviewing a Department of Telecommunications (DoT) proposal to help out.
The main idea on the table: give Vodafone Idea a further two-year pause on paying back its huge government dues—₹83,400 crore, with payments of ₹18,000 crore per year scheduled to begin from March 2025.
Vodafone Idea needs ₹25,000 crore more just to upgrade networks
The DoT wants to ease things further by stretching out repayment timelines and waiving certain penalties.
Even after the government swapped ₹53,083 crore of debt for company shares, Vodafone Idea still needs another ₹25,000 crore from banks just to upgrade its networks.
With its recent Supreme Court plea for waiving ₹45,000 crore in interest and penalties shot down—and nearly 200 million users relying on its services—the pressure's on for a lifeline.
Everyone's watching to see what the PMO decides next.