U The Centre is discussing ways to keep Vodafone Idea Ltd (VIL) out of debt, including cash, to minimise panic in the telecom sector. Both public and private sector lenders stare at a loss of ₹1.8 lakh crore in case VIL collapses.
According to PTI, The Department of Telecommunications (DoT) officials and senior bankers held a meeting on the issue on Friday. Officials of State Bank of India and Bank of Baroda were part of the meeting.
According to official data, VIL had an adjusted gross revenue (AGR) liability of ₹58,254 crore out of which the company has paid ₹7,854.37 crore and ₹50,399.63 crore is outstanding.
Mr. Kumar Mangalam Birla, the executive chairman and non-executive director, had stepped down from his position, last week. The company did not give any reason for Birla’s step down, but it’s stocks crashed over 24 percent to a 52-week low .
