Voda Idea News: Telecom companies can get big relief from a decision of the Telecom Department. Voda Idea, which is facing financial problems, will get maximum relief. The reason for this is that the Department of Telecom (DoT) has adopted the stance of waiving bank guarantee on the spectrum purchased till the year 2022. Moneycontrol has received this information from sources. Voda Idea will get more relief because it has to arrange bank guarantee of Rs 27 thousand crore in the coming few months. The department has prepared its draft which requires Cabinet approval for approval.
Why can telecom companies get relief?
A source said there is no contradiction between the demands of the industry and the telecom department and the issues on which both are not on the same page will be resolved soon. The department is working on this. Another source said the relief is likely because the bank guarantee was not required in the 2024 auction and it was conducted under the new rules for 2021.
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Telecom companies will get this big benefit
Telecom operators’ representative body Cellular Operators Association of India (COAI) had in August requested Telecom Secretary Neeraj Mittal to remove bank guarantee requirements for auctions before 2022. COAI says that if this happens, the cash flow of telecom companies will improve and they will be helped in investing in network expansion. Under the 2021 reforms, the Cabinet had removed the bank guarantee requirements for the 2022 auction. However, the need for spectrum already taken by telecom companies has not been removed. The rule of bank guarantee was kept so that the annual payment for spectrum purchase could be made from time to time.
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