New Delhi / No company should be closed, the government wants to address the concerns: Finance Minister

Zoom News : Nov 16, 2019, 01:26 PM

New Delhi: Finance Minister Nirmala Sitharaman said on Friday that the government wants to address the concerns of the telecom companies going through the crisis. No company should cease operations. I want all the companies to continue the business keeping morale high.

Telecom companies want relief in payment of AGR

  • Sitharaman said that the number of business companies in the economy should be maximum, their business should be successful. This is the wish for not only telecom but all sectors of companies. The Finance Ministry interacts with everyone with this perspective. The telecom sector also approached, we are aware of their issues.
  • After the Supreme Court's decision on Adjusted Gross Revenue (AGR), liability of Rs 1.42 lakh crore is being incurred on the telecom companies. Provision of funds for its payment to the Department of Telecommunications led to a record loss in the July-September quarter for several major companies. Vodafone-Idea (VIL) reported a loss of Rs 50,921 crore. This is the largest quarterly loss of an Indian company. VIL released the results on Thursday, saying that the ability to continue business now depends on the relief from the government.
  • Bharti Airtel and Vodafone-Idea have demanded some relaxation from the government on the issue of AGR. She wants at least relief in interest and penalty. Sitharaman says that after the Supreme Court's verdict on AGR, the companies which have expressed serious concerns, we are thinking of addressing them.