Vodafone Idea has requested the Department of Telecommunications for a year's extension to pay Rs. 8,290 crore, of mobile network fees, due in April 2022. Indian banks with large outstanding loans to the firm have also reportedly written to the finance ministry, expressing fears about a bankruptcy being triggered, if the telecom operator is not granted relief on this payment.
It is strange to see Vodafone Idea earned an income of Rs. 42,126 cr for FY21 (FY 20 at Rs. 45,997 cr), but Net Loss is at Rs. 44,233 cr for FY21, which was at Rs. 73,878 cr for FY20. This indicates a situation of Black Hole, with both promoters seen helpless, incapable and lame to do anything in turning around the affairs of the company.
Early exit of Vodafone Idea will definitely be helping Private Sector Duopoly telecom players as well going ahead.
Strangely, share of Vodafone is still ruling at around Rs. 9.
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