Bharti Airtel makes additional payment of Rs8,004cr to DoT

Bharti Airtel on Saturday said that it has made an additional payment of Rs 8,004 crore towards adjusted gross revenue dues to the Department of Telecom.

Mar 02, 2020 03:03 IST India Infoline News Service

Bharti Airtel
Bharti Airtel informed the exchanges via a press release Saturday that it has carried out self-assessment from FY2006-07 onwards upto December 31, 2019, and interest thereon up to February 29, 2020 in line with the AGR Judgment, various license agreements entered into with the Department of Telecommunications (DoT) and the various directions issued by the DoT from time to time with respect to Spectrum Usage Charges. Accordingly, the Company has paid an additional amount of Rs3,004cr towards the full and final amounts due over & above the ad-hoc amount of Rs10,000cr paid on February 17, 2020 on behalf of the Bharti Group of Companies (Bharti Airtel, Bharti Hexacom and Telenor India).

"In addition to the aforesaid amounts paid basis our self-assessment, we have also deposited an additional amount of Rs5,000cr, as an ad-hoc payment (subject to subsequent refund / adjustment) to cover differences, if any, arising from the reconciliation exercise with the DoT", said the company.

"Based on the aforesaid payment, we have now complied with AGR Judgment and the directions in the order of the Hon'ble Supreme Court dated October 24 , 2019", it further added.

Stock view:
Bharti Airtel Ltd ended at Rs522.95 down by Rs8.85 or 1.66% from its previous closing of Rs531.80 on the BSE.

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