DoT sorts out crisis plan for Telecom companies
By MYBRANDBOOK
The government has started working on a crisis plan to take care of mobile subscribers and business enterprises, in case any telecom company fails to come out of the difficult situation during the coronavirus outbreak.
While the Department of Telecom (DoT) is hopeful of working out a formula to pull the beleaguered players out of the crisis, it is still being considered prudent to prepare for the worst. A collapse of any major telecom company, if it happens, would result in chaos in case of mass-scale shift of subscribers, lakhs of porting requests, and even closure of telecom and internet lines of businesses (leased lines) that range from top corporate houses and MNCs to ride-hailing companies and online retailers.
Vodafone Idea, with 30 crore mobile subscribers and a long list of business enterprises as customers, appears to be in a very tight spot now with the Supreme Court making it clear that companies have to pay the AGR dues.
The company, which has stressed that its survival hinges only on a bailout package, has so far paid about Rs 6,800 crore, while its current outstanding is around Rs 51,500 crore - a tall order considering its crippled operations.
Airtel, which needs to cough up around Rs 25,000 crore, over the Rs 18,000 crore that it has paid, may also find it challenging if it has to raise the funds over the next two weeks, by when the SC hears the matter. Even though the company’s stock has been in healthy territory recently (except for the beating in the overall widespread market crash), its ability to raise fresh finances in a short span of time remains doubtful.
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