FinMin cold to Airtel plea on dues-to-equity switch

The Union finance ministry is not keen on considering Bharti Airtel's request for converting its ₹41,000 crore adjusted gross revenue (AGR) dues into government equity, it is learnt.

- HARSH KUMAR & ASIT RANJAN MISHRA

"They (Airtel) had approached us. But we told them to follow the legal process on their AGR dues. In the case of Vodafone, the spectrum payment dues were converted into equity," a senior government official told Business Standard.

If Airtel's request is accepted, the government would have 2 to 4 per cent equity in the telco.

Email queries sent to the finance ministry and Airtel remained unanswered till the time of going to the press.

Vodafone Idea had earlier opted for the government's telecom reform package approved in 2021. Under that moratorium scheme, the government had picked up a stake in Vodafone Idea in 2022 after converting its spectrum dues worth ₹53,000 crore. The government recently increased its stake in the financially stressed telecom company to 48.99 per cent by converting some of its dues again.