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Dolat Capital Report
Government today announced path-breaking reform and relief measures for telecom industry that opens the door for survival of Vodafone Idea Ltd.
The most important measure is the liquidity support through deferment of spectrum and adjusted gross revenue dues on net present neutral basis for a period of four years.
These provides a major cash flow relief to Vodafone Idea of ~Rs 240 billion per annum.
Bharti Airtel Ltd. too can defer ~Rs 110-120 billion per annum though it may or may not opt for the same.
Vodafone Idea shall now be in position to repay the interest on bank loans and fund modest capex of Rs 40-50 billion on business as is basis.
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