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Can't confirm or clarify if Aditya Birla Group won't infuse equity in telco: Vodafone Idea

“The Company can not provide any clarification/ confirmation with regard to the above news item as it is not privy to discussions or decisions, if any, of the Aditya Birla Group in this regard,” said the operator in its regulatory statement.

ET Bureau|
Nov 14, 2019, 11.54 PM IST
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BCCL
​Vodafone Idea
Vodafone Idea posted a mammoth loss of Rs 50,897.9 crore for the second quarter of the fiscal, dragged down by one time dues to the government. The telco despite suffering from a decline in its subscriber numbers and revenue said it is focused on its merger integration.
Vodafone Idea said it can not confirm or clarify whether the Aditya Birla Group has taken any decision to stop infusing any equity and consider insolvency of the telecom company without government relief .

“The Company can not provide any clarification/ confirmation with regard to the above news item as it is not privy to discussions or decisions, if any, of the Aditya Birla Group in this regard,” said the operator in its regulatory statement.

This statement came on the back of ET’s report on Thursday that Aditya Birla Group will not infuse any fresh equity into Vodafone Idea Ltd, its telecom joint venture with Vodafone Group of UK, and let it opt for insolvency if the government does not provide substantial relief on the telco’s adjusted gross revenue (AGR)-based dues, which could be over Rs39,000 crore, senior executives aware of the matter said.

“...the Board of Directors has not discussed anything at any of its meeting on the captioned subject. You will, therefore, appreciate that the question of not disclosing the same to the stock exchanges does not arise. Accordingly the question of its impact on the Company does not arise,” said the telco late Thursday night .

Vodafone Idea posted a mammoth loss of Rs 50,897.9 crore for the second quarter of the fiscal, dragged down by one time dues to the government. The telco despite suffering from a decline in its subscriber numbers and revenue said it is focused on its merger integration.

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