Govt wants to check Vi funding progress before owning stake

Govt wants to check Vi funding progress before owning stake

The government wants the government to come out with a clear fund-raising plan before converting the interest accrued on deferred adjusted gross revenue (AGR) to cash-strapped telecom major Vodafone Idea into equity. Officials with knowledge of the matter have given information about this.

One of the officials familiar with the matter said on condition of anonymity that the government is of the view that if the promoters of Vodafone-Idea are unwilling to invest more money in the company, they should reduce their stake and seek a new investor. Should bring Relying only on the support of the government will not benefit the company.(Credenttv.com)