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By July, Vodafone Idea was required to remit a license fee of about Rs 770 crore, along with an initial payment of Rs 1,680 crore for the spectrum it acquired in last year's auctions.
Sources familiar with the matter have indicated that Vodafone Idea, a financially strained telecommunications company, intends to settle government dues amounting to roughly Rs 2,400 crore by September.
As per a source cited by PTI, the company has recently settled outstanding payments amounting to approximately Rs 450 crore for license fees and spectrum usage charges during the March quarter of the fiscal year 2022-23.
"The source mentioned that Vodafone Idea is scheduled to settle its obligations for the June 2023 quarter, including the spectrum installment along with relevant interest, by September," conveyed the source.
In July, Vodafone Idea was required to remit a license fee of about Rs 770 crore, along with an initial payment of Rs 1,680 crore for the spectrum it acquired in auctions held the previous year.
Although the company has requested a 30-day extension to settle the spectrum payment, it is also making preparations to complete the payment of the license fee by September.
"If the spectrum installment payment is delayed, it will incur an annual interest rate of 15 percent. The company will be liable to pay approximately Rs 1,700 crore for the spectrum installment and around Rs 710 crore for overdue license fees, along with accrued interest. The cumulative outstanding amount to be settled by September exceeds Rs 2,400 crore," added another insider.
