May boost 4G, 5G investment: VIL calls DoT's bank guarantee waiver 'relief'

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May boost 4G, 5G investment: VIL calls DoT's bank guarantee waiver 'relief' - Business Standard

Quick Summary:

The telecom department has waived the requirement of bank guarantee to be submitted for spectrum auctions held prior to the reform package, telecom operator Vodafone Idea said on Saturday, adding that the latest "relief" will boost 4G and 5G investments in India.

Prior to this reform, bank guarantees aggregating to about Rs 24,800 crore were required to be provided by VIL against each spectrum instalment, 13 months prior to the instalment falling due for the above auctions, the company said in a BSE filing.

"As per our understanding of the terms and conditions, out of all the 5 auctions mentioned above, no BGs (bank guarantee) will be required to be provided by VIL for the 2012, 2014, 2016 and 2021 auctions," the telco said.