Telecom companies worried banks lending money to them

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Mumbai, Ta. November 16, 2019, Saturday

The telecom companies in the country have come under pressure as they are worried about financing banks. These companies have shown a huge loss in the second quarter of the current fiscal year due to the compulsion to make provision for payment of Vodafone Idea and Bharti Airtel Adjusted Gross Revenue (AGR).

At present, these companies are making repayments regularly but we are concerned about future payments, ”said a banker. Companies may be forced to pay more debt to continue paying their debts and doing business.

Vodafone has made it clear that India has invested significant capital in itself and has no desire to invest more money. Thus, this statement has raised the concern of banks. And the banks are keeping a close eye on what the committee constitutes on this issue.

The credit score of banks in the telecom sector in September 1 was Rs 1 crore, it has increased to Rs 8.5 trillion in September 1, the Reserve Bank data said.

In the September quarter, Vodafone Idea and Bharti Airtel together made a combined loss of Rs 5 crore. Following the apex court's order, the government has also directed telecom companies to reimburse the AGR they pay within three months. However, the assurance that Finance Minister Nirmala Sitaram will find a way in this matter is high.

The issue of AGR has been pending for the last 3 years. A case was going on in court between the telecom companies and the Department of Telecommunications. Telecom companies insisted on incorporating revenue from the main business into the AGR, while the Department of Telecommunications claimed to include revenue from other functions besides the principal.

Finally, the court has come under pressure from telecom companies ruling the government's favor. It is worth mentioning here that the decline in the demand for electricity in the country is affecting the income of the power companies and the financial situation of the discos is worsening due to the banks.

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