by Harish Gupta, National Editor, Lokmat Group
Buy Voda-Idea for Re One
Company's startling offer to Govt. as closure looms large
Harish Gupta
New Delhi, Feb 20
Vodafone Idea is understood to have made a startling offer to the government unhead of in telecom or for that matter in any other industry !
"Pay us Re One and buy the company.” This includes all assets and liabilities as they stand today. The Vodafone Idea has suffered a loss of over Rs 2 lakh crores over the last decade and stare at staggering Rs 53000 crores dues.
Highly placed sources say that Mukul Rohtagi who is representing the Vodafone-Idea in the Supreme Court and actively involved in the back-channel strategies, has made this startling offer to the government. He reportedly sounded out Secretary in the Department of Telecom Anshu Prakash over the telephone last week. The company simply can't pay this money and render 10000-strong work force jobless.
The BSNL which is desperately looking for 4G spectrum and network should buy the Vodafone company's operations with 30 crores subscribers for at Re one. The BSNL is working hard to replace its 3G service with 4G in select areas. But it doesn't have footprints across India either. It is in this context the offer was made to the government that let BSNL buy Voda-Idea with ready made 4G network. Alternatively, the government should come out with a realistic demand of AGR dues and waive off all intrerest, penalty etc. It should also stagger its demand spanning over 15 years.
Efforts to contact Mukul Rohatgi did not succeed. But it was only after this telephonic talk that Aditya Kumaramanglam Birla, chairman of the Vodafone India met DoT officials and later Finance Minister Nirmala Sitharaman yesterday.
It was stated that if no efforts were made by the government, the whole telecom sector would be affected and company would shut down. This would also wipe out competition and leave only two firms, Rohtagi had told the media last week.
The Supreme Court had ordered telecom firms to pay up all their dues immediately which precipitated a crisis for the loss-incurring firm. The company is seeking staggering the payment of dues for the next 15 years for the sector to survive. The company has already deposited Rs 2150 crores and will be depositing another Rs 1000 crores.
