Winning Bizness Desk

Mumbai. The trouble of Vodafone Idea, the telecom company which is facing debt crisis, seems to be increasing as its outstanding debt has swelled upto Rs 7,000 crore and company may have to sell his PLC shares because the company does not have any guarantee for recovery. Vodafone PLC shares are pledged near INDUS Towers. It is pertinent to outline that Vodafone Group Plc had 75.78 crore shares in Indus Tower Limited which was equal to 28.1% shareholding. Vodafone-Idea is losing its customers every quarter as the telecom company has failed to provide the service to its customers as per their requirement. Indus Tower, which manages the mobile tower, has warned vodafone-idea that Vodafone Idea needs to clear its dues immediately.

Need to take drastic measures

People related to this matter informed that the board meeting of Indus Tower was held on Monday itself and in the same it was decided that Indus Tower needs to take strict steps to recover its dues from Vodafone. Earlier in February, telecom giant Vodafone had decided to sell 2.4 per cent stake in Indus Towers in a block deal. Indus Towers is the largest telecom tower firm in the country.

4 thousand crore shares sold

If you are a Vodafone Idea customer and use its SIM, then this news is likely to increase your trouble. Indus Towers, which provides infrastructure services to Vodafone Idea, has said that if it does not clear the dues of Rs 7,000 crore, then it will stop access to its tower in the month of November. Regarding this matter, Asim Manchanda says that after July 15, the installment to pay the outstanding amount has stopped. Prior to that Vodafone Idea had paid the dues by selling shares of Vodafone Plc worth Rs 4,000 crore.