Bharti Airtel paid Rs 8,004 crore to the Department of Telecommunications for adjusted gross income (AGR) arrears. Earlier on February 17, the company paid Rs 10,000 crore. Thus, the company has paid a total of Rs 18,004 crore so far.
Bharti Airtel paid Rs 8,004 crore to the Department of Telecommunications
Bharti Airtel has deposited an additional Rs 8,004 crore towards adjusted gross revenue dues, to the telecom department.Earlier on 17th Feb,company had deposited Rs 10,000 cr aggregating to a total payment of Rs 18,004 cr now complied with AGR judgment&directions of Supreme Court pic.twitter.com/9q6bgvuiNP
— ANI (@ANI) February 29, 2020
Airtel has the ability to repay the arrears of five billion dollars
Recently, rating agency Moody’s had said that private sector telecom company Bharti Airtel has the financial capacity to repay the statutory dues of $ 5 billion. Earlier this month, the Supreme Court had asked the telecom companies to comply with its decision of October 24, 2019. The apex court in its judgment had justified the definition of adjusted gross revenue (AGR) of the Department of Telecommunications.
Full payment to be made by 17 March
Moody’s said that the cash payment of Rs 35,300 crore would not significantly impact Bharti Airtel’s loan quality. Its position in its current rating will be satisfactory. Airtel has to make full payment of the previous statutory dues by 17 March. Earlier, Bharti Airtel had deposited Rs 10,000 crore from the AGR dues to the government. The rating agency said the company’s recent capital raising activities would provide it with additional cash to pay AGR.