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Vodafone Idea looks to offload assets to pay AGR dues

11 Dec 2019

Indian cellco Vodafone Idea is reportedly in talks to sell fibre-optic network assets and its Navi Mumbai data centre as it looks to raise funds to pay government dues related to the recent ruling on Adjusted Gross Revenue (AGR), the Economic Times writes, citing several sources familiar with the development. According to one source aware of the discussions, Vodafone Idea is negotiating with asset management firm Brookfield to sell its 156,000km of fibre infrastructure, valued at between USD1.5 billion and USD2.0 billion. Meanwhile, financial services company Edelweiss is reportedly looking to buy the mobile provider’s data centre, estimated to be worth around USD60 million to USD100 million. As previously reported by TeleGeography’s CommsUpdate, Vodafone Idea is facing a bill of around INR530 billion (USD7.5 billion) following the Supreme Court’s October ruling on AGR, and must pay the amount within three months of the decision. The ET quoted one source familiar with cellco’s plans as saying: ‘What the company receives from the sale of assets will determine the balance that it may need to raise from the capital markets to pay off the AGR dues and CAPEX needs’.

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