Bharti Airtel said that the company has decided to avail the option of deferment of the payment of spectrum auction instalments due upto four years.
It has also decided to avail the option of deferment of AGR related dues by a period of four years with immediate effect, the company added.
In September 2021, the Department of Telecommunications (DoT) had announced a relief package for debt-laden players in the Indian telecom sector.
The relief package involves a four-year moratorium on AGR and spectrum payment dues, reduced bank guarantees, and removing SUC for airwaves that will be acquired in future auctions, among others.
As per reports, the government department had recently reached out to telecom service providers to enquire if they would opt for a four-year moratorium on spectrum payment and AGR payment and has informed them to revert on the same by 29 October 2021.
Media reports further suggested that the ministry has also informed telcos that they can choose to convert their principal statutory dues during the deferred payment to equity when their moratorium period ends. Telcos need to send in their decisions in 3 months, the reports said.
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The other option offered in the aforesaid notification by DoT shall be considered by the company within the stipulated timelines, Bharti Airtel said in a statement.
Bharti Airtel is a global communications solutions provider with over 474 mln customers in 18 countries across South Asia and Africa.
The telco reported a consolidated net profit of Rs 284 crore in Q1 FY22 as against a net loss of Rs 15,933 crore in Q1 FY21. Total revenues increased by 15.3% YoY to Rs 26,854 in the first quarter.
Shares of Bharti Airtel were up 0.07% at Rs 691.20 on the BSE. The stock hit a high of Rs 709.75 and a low of Rs 689 so far.
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