Billionaire Kumar Mangalam Birla, the chairman of the local joint venture with UK’s Vodafone Group Plc, warned in December that the company was headed toward insolvency in the absence of aid.
NEW DELHI: India’s top court approved a 10-year payment plan for telecom companies to clear combined back-fees worth 1.4 trillion rupees (US$19bil), a ruling that may give cash strapped Vodafone Idea Ltd some room to maneuvre.
The Supreme Court yesterday rejected the 20-year payment timeline as proposed by Prime Minister Narendra Modi’s administration and supported by telecom companies, but allowed the federal government to collect the amount in installments.
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