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ICICI Securities Report
Despite India's Supreme Court rejecting the curative petition for adjusted gross revenue dues, Vodafone Idea Ltd. is hopeful towards a resolution of the arithmetical error in the AGR dues calculation; it has been engaging with the government on the subject. Vodafone Idea said that its case has strong merit, and dialogue with the government is and has been encouraging.
Also, Vodafone Idea is factoring in Rs 290 billion of government debt – to be converted into equity at the end of the moratorium period, as per the reform package. Vodafone Idea is nearing closure of debt funding of Rs 250 billion; another Rs 100 billion for non-fund facilities that should help boost capex.
Vodafone Idea also signed deals with major equipment suppliers for Rs 300 billion, for radios to be supplied over the next three years; it expects capex to kick start from November 2024. Vodafone Idea also envisages another tariff hike of 15–20% in 15 months.
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