India offers ailing telecom firms two-year moratorium on paymentsThe judgement saw Vodafone Idea record the biggest quarterly loss in Indian corporate history last weekMUMBAI - India has granted the country's beleaguered telecom giants a moratorium on spectrum payments until the end of March 2022, offering much-needed respite after the Supreme Court slapped a massive $13-billion bill on the companies. Vodafone Idea and Bharti Airtel bore the brunt of last month's court ruling ordering firms to pay a combined 920 billion rupees in past spectrum and licensing fees. The judgement saw Vodafone Idea record the biggest quarterly loss in Indian corporate history last week after it factored in the $4 billion levy. Vodafone Idea and Bharti Airtel, which was hit with a $3-billion bill, have warned that the ruling will exacerbate the telecom sector's financial woes. Vodafone Idea and Bharti Airtel have both struggled since India's richest man Mukesh Ambani launched Reliance Jio in 2016.

Source: Bangkok Post November 21, 2019 09:48 UTC