Govt clears conversion of Voda Idea's Rs 16,133 cr dues into equity after commitment from AB Group

Updated: Feb 3 2023 10:48PM

New Delhi, Feb 3 (PTI) The government cleared conversion of Rs 16,133 crore interest dues of debt-ridden Vodafone Idea into equity after receiving a firm commitment from Aditya Birla Group to run the company and bring necessary investment, telecom minister Ashwini Vaishnaw said on Friday.

Throwing a lifeline to the troubled telco, the government has approved conversion of over Rs 16,133 crore interest dues of Vodafone Idea into equity With this conversion, the government is expected to become the biggest shareholder in the loss making telecom firm with 33.14 per cent stake.

Vodafone Idea will issue equity shares to the government at face value of Rs 10 each.