Gujarat Narmada Valley Fertilizers & Chemicals Ltd. said India’s telecom ministry has asked it to pay ₹15,200 crore ($2.1 billion) in overdue fees by January 23. The amount sought is 20 times Gujarat Narmada’s ₹740 crore net profit for the year ended March 2019. GAIL India is also facing a ₹1.7 lakh crore, Press Trust of India reported on December 22 without saying where it got the information. Vodafone Group Plc’s India venture, which needs to pay $4 billion to the telecom ministry, in December said it will cease operations if it doesn’t get government support. Gujarat Narmada is a joint venture by the government of Gujarat and the Gujarat State Fertilizers & Chemicals Ltd., according to its website.

Source: Mint January 02, 2020 03:45 UTC