After missing the self-imposed December 31 deadline to raise funds, Vodafone Idea (Vi) CEO Akshay Moondra deferred from giving a fresh timeline for fundraising during their investor call on Tuesday.
At the same time, the Vi CEO added that from the first quarter of the next fiscal, they will also have to balance capex with vendor payments even as the company’s financial circumstances don’t change.
Regarding infusion of funds from promoters, Moondra said that help from promoters will be made available in case Vi is not able to pay upcoming dues. No timeline for further equity infusion from promoters was given.
- Also read: Vodafone Idea’s loss moderates in Q3FY24
Phasing out 3G
Interestingly, Moondra said that they expect to phase out 3G network by the end of next fiscal to re-farm 3G spectrum for new 4G sites.
Vi is expected to limp along, paying off debt in a piece-meal way with no additional aid from the government in the horizon.
No fresh funding
Last month, businessline reported that lenders have also paused fresh funding in the form of debt renewals after Vi missed the December 31 deadline to raise funds.
Vi has a gargantuan debt of nearly ₹2.1-lakh crore, the majority of which is owed to the government in the form of spectrum and AGR dues.