FinMin okays converting Vodafone Idea's Rs 16,100 cr dues to govt equity

The government of India will own nearly 33% of Vodafone Idea's equity, and become the single-largest shareholder if the deal goes through

Ministry of Finance cleared a proposal to convert the accrued interest on dues related to deferred adjusted gross revenue (AGR) worth Rs 16,130 crore of Vodafone Idea into equity, reported Economic Times.

The telecom department will now have to finalise the transaction according to the package announced earlier.

"It (the equity conversion) has received the finance ministry's nod in line with the approved (telecom relief) package," said an official told ET.

The equity conversion was been pending since January this year, which finally received the government's approval. 

With investors seeking clarity on the matter, it is