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Voda Idea seeks 1-year moratorium on Rs 8,200 cr spectrum instalment

Vodafone Idea (Vi) has approached the government to seek one-year moratorium on payment of spectrum instalment of over Rs 8,200 crore, due in April 2022. Vi, in a letter to the telecom secretary on June 25, 2021, said it would be “unable to pay the instalment of Rs 8,292 crore due on April 9, 2022” due to “cash being used for payment of AGR (Adjusted Gross Revenue) dues and the inability of the operations to generate the required cash in a predatory pricing situation”. According to the letter, seen by PTI, the company has requested the Department of Telecom (DoT) to grant it another year of the moratorium to pay this instalment in April 2023 instead of April 2022 and has made it clear that “it is almost inevitable” that the firm will not be able to pay the said amount in April 2022.

Won't hesitate to raise tariffs but can't be done unilaterally: Mittal

Bharti Airtel Chairman Sunil Bharti Mittal on Thursday said the company was ready for a tariff hike and will not hesitate, provided it is joined by others. “We will not hesitate to raise tariffs, but it cannot be done unilaterally. We are not asking for a massive increase in tariffs, but we have to be mindful of the market,” said Mittal, in an interaction with the media. The latest tariff hike by the three operators happened in December 2019. Since then, Bharti Airtel has been making a case for tariff hikes. However, it is not ready to blink first.

L&T Construction bags 'significant' orders for various businesses

Larsen and Toubro (L&T) on Thursday announced that its construction arm has secured 'significant' orders for its various businesses. The company did not provide the value of the contracts, but said the orders fall under the significant category, which ranges between Rs 1,000 crore and Rs 2,500 crore, according to the classification of contracts. The water and effluent treatment business has won a repeat order from the Uttar Pradesh State Water & Sanitation Mission (SWSM) to implement rural water supply projects providing functional house tap connection under the Jal Jeevan Mission, the company said in a statement.

Srei Infrastructure Finance to raise up to Rs 2,500 crore equity capital

Srei Infrastructure Finance said on Wednesday that its board has approved raising up to Rs 2,500 crore of capital. The company said that it plans to raise capital by way of issue of one or more instruments through public offer/qualified institutional placement/private placement/preferential issue/rights issue. The board at its meeting held today passed a resolution to this effect. Also, Srei Equipment Finance has received a term sheet from Singapore's Makara Capital Partners for investment of Rs 2,200 crore by way of capital and a term sheet from USA-based Arena Investors LP for investment of Rs 2,000 crore.

Zomato seeks CCI nod for 9.3% stake in e-grocery major Grofers

Food delivery platform Zomato has sought the approval of the Competition Commission of India (CCI) to pick up 9.3 per cent stake in e-grocery major Grofers. The document filed with the anti-trust body said that the potential relevant markets or segments are highly fragmented with the presence of multiple players, including several unorganised players, who will continue to impose significant competitive constraints. "The notification form is being filed in relation to the proposed acquisition by Zomato of approximately 9.3 per cent stake in each of Grofers India and HoT along with certain rights in each of the Targets (Proposed Transaction). The Proposed Transaction falls under Section 5(a) of the Competition Act, 2002," it said.

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