Airtel's push for Voda Idea-like debt conversion finds no favour with govt
's proposal to convert its statutory dues into equity is facing a stiff challenge from the Department of Telecom (DoT), The Times of India reported on July 1. According to government sources cited by ToI, the request is unlikely to be approved, primarily due to the company's robust financial standing.
This development comes after Airtel surprised many industry observers by seeking a similar bailout to what financially deeply troubled
Vodafone Idea
received, the report (by Pankaj Doval) said.
Vodafone Idea's business has been struggling in a big way, with its debts exceeding Rs 2 lakh crore and quarterly losses mounting.
by Taboola
by Taboola
Sponsored Links
Sponsored Links
Promoted Links
Promoted Links
You May Like
Bank Owned Properties For Sale In Randu Agung (Prices May Surprise You)
Foreclosed Homes | Search ads
Search Now
Undo
In stark contrast, Airtel reported a remarkable turnaround, with its consolidated net profit soaring to Rs 33,556 crore for the financial year ending March 31, 2025, compared to Rs 7,467 crore the previous year.
Additionally, its revenue from operations increased by 15%, reaching Rs 1.7 lakh crore.
Live Events
According to latest reports, the DoT has conducted a preliminary review of Airtel's request and has concluded that there is no necessity to discuss the proposal further.
A source close to the situation told ToI, "There seems to be no need to discuss this proposal. The company is sufficiently healthy and does not appear to be in need of such a financial bailout."
The govt's stance highlighted the contrast between Airtel's financial health and the dire circumstances faced by Vodafone Idea.
Airtel's decision to seek an equity swap was primarily driven by its desire to conserve cash amid outstanding dues of over Rs 70,000 crore, which includes Rs 40,000 crore in adjusted gross revenue (AGR) dues.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
30 minutes ago
- Time of India
20-year-old Noida man gets Rs 10,01,35,60,00,00,00,00,00,01,00,23,56,00,00,00,00,299 in dead mother's Kotak savings account. Here's how much that is
A 20-year-old man in Noida discovered an unfathomable ₹1 septillion trillion in his Kotak Mahindra Bank account, prompting an Income Tax Department investigation. The account, belonging to Deepak, was frozen after the suspicious deposit was flagged. Authorities are probing whether it was a technical error, glitch, or money laundering attempt. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads In a strange turn of events, a 20-year-old man from Noida , Uttar Pradesh, was stunned to find an astronomical sum—over ₹1 septillion trillion—credited to his Kotak Mahindra Bank savings total amount in question is in 37 digits - Rs 10,01,35,60,00,00,00,00,00,01,00,23,56,00,00,00,00,299.A journalist, Sachin Gupta, tweeted this earlier today. According to the tweet, the 20-year-old Deepak got this amount though he said it is about 1 billion 13 lakh 56 thousand crore rupees."My math is a bit weak. The rest of you can do the multiplication and division. Currently, the Income Tax Department is investigating. The bank account has been frozen," read the per a report of News24, the 20-year-old was operating the account which originally belonged to his mother, Gayatri Devi, who passed away two months ago. On the night of August 3, Deepak received a notification showing a credit of ₹1.13 lakh crore (₹1,13,56,000 crore). Confused and alarmed, he shared the message with his friends, asking them to count the next morning, Deepak went to the bank to verify the transaction. Bank officials confirmed the mind-boggling balance but informed him that the account had been frozen due to the suspiciously large deposit. The matter was immediately flagged to the Income Tax Department, which has now launched a formal the news spread rapidly, Deepak was bombarded with calls from relatives, friends, and neighbors. Unable to handle the sudden attention, he switched off his are now investigating whether the transaction was a technical error, a banking glitch , or a possible case of money laundering. Officials say the true source of the funds will be known only after a thorough investigation.
Economic Times
31 minutes ago
- Economic Times
IndusInd Bank appoints Axis Bank's Rajiv Anand as CEO, MD for three years
IndusInd Bank on Monday announced that it has approved the appointment of veteran Rajiv Anand as its chief executive officer for a period of three years. ADVERTISEMENT The appointment is effective from August 25, 2025 upto August 24, 2028, the lender informed through stock exchange filing. The new appointment of the banking veteran comes as the lender was functioning been without a full-time CEO since Sumant Kathpalia resigned at the end of April, taking moral responsibility for the derivatives accounting controversy. In the interim, the bank was being managed by a committee of senior executives including Soumitra Sen, head of consumer banking, and Anil Rao, chief administrative officer. Anand retired as deputy managing director of Axis Bank on August 3 upon completion of his third term as a director on the bank's board. ET had reported that Anand was seen as the frontrunner for the role. Anand, 59, is a chartered accountant with over 35 years of experience across asset management, retail banking, and wholesale banking. He joined Axis Group in 2009 as founding managing director of Axis Asset Management Co. In 2013, he transitioned to Axis Bank as president of retail banking and later assumed leadership of its wholesale banking division in 2018. IndusInd Bank is under intense scrutiny due to a substantial Rs 1,960-crore loss linked to misaccounted internal derivative trades. According to the bank, the losses were primarily the result of inaccurate accounting for internal derivative trades, particularly where contracts were terminated early. These errors led to inflated notional profits, concealing the true financial state of the derivatives portfolio over multiple reporting periods. ADVERTISEMENT ( Originally published on Aug 04, 2025 )
NDTV
an hour ago
- NDTV
Croatia Is Offering A Digital Nomad Visa Under Rs 10,000 To Work And Live There For A Year
If you want to live and work amidst the natural beauty of beaches, Croatia should be on your list. The country is known for its prettiest beaches in Europe, and you can live here for up to a year with a Digital Nomad Visa. What Is Croatia's Digital Nomad Visa? Croatia's Digital Nomad Visa is a temporary residence permit for digital nomads that allows non-EU/EEA/Swiss remote workers to legally live and work in Croatia. Designed to attract professionals who are not location-bound. With a Digital Nomad Visa Residence Permit, you will be allowed to live and work in Croatia as a digital nomad for six months to a year, and it functions more like a temporary resident permit than a visa. Although the standard temporary stay was originally capped (with up to 18 months and rules for reapplication after gaps), as of March 2025, amendments to the Aliens Act allow non-EU digital nomads to legally reside in Croatia for up to three years under the broader digital nomad framework, subject to updated regulatory implementation. Who Is Eligible? To qualify for the Croatia digital nomad temporary residence permit, applicants must meet the following eligibility criteria: Proof of remote work in the form of an agreement or contract. You should have a business registration if you are an independent worker. Monthly income of at least €3,295 per month (Rs 3,34,215 approximately). A valid private health insurance covering the entire intended stay in Croatia. No certificate of criminal conviction from your country of residence. Proof of accommodation. A valid passport valid for at least three months beyond the intended stay. How To Apply 1. Gather all documents, including: Proof of remote work Income proof Health insurance Clean criminal record Accommodation proof Ensure you have copies in both English and Croatian. 2. Apply online via the official website. You can submit your application to a Croatian embassy or in person at the local police station near your temporary residence in Croatia. The visa fee will be as follows: If applying at a diplomatic mission/consulate (abroad): Granting temporary stay: €55.74 (Rs 5,653 approx.) Long-term visa: €93 (Rs 9,433 approx.) If applying within Croatia at a police administration or a police station, the prices may vary: Granting temporary stay: €46.45 (Rs 4,711 approx.) Administrative fee for biometric residence permit: €9.29 (Rs 942 approx.) Biometric residence card: €31.85 (Rs 3,230 approx.) Accelerated procedure total for residence card: €59.73 (Rs 6,058 approx.) 3. Once approved, register your temporary residence address within the required window, which is typically within 30 days or six months, depending on entry visa rules. If you enter the country immediately, you must register your address within 3 days. 4. Obtain the biometric card in person, which involves submitting a photo/biometrics and paying associated fees.
