独家
“政府采取措施增强沃达丰Idea投资者和员工的信心”
他说:“政府的支持将给投资者信心，并有助于向该公司注入资金。”这与一些分析师的观点相矛盾。一些分析师认为，政府周三宣布的救助计划可能不足以解决该公司长期的流动性紧缩问题。
加尔各答|孟买:显著的现金流缓解，分析师估计近1万亿卢比，政府的支持将允许沃达丰的想法Aditya Birla集团(ABG)的一位高管表示:“(Vi)不仅能挺过未来四年，而且还能撑得更久。”这位高管补充说，除了对潜在投资者更具吸引力之外，该公司将能够向运营注入现金，提高资本支出，并在市场上积极竞争。
他说:“政府的支持将给投资者信心，并有助于向该公司注入资金。”这与一些分析师的观点相矛盾。一些分析师认为，政府周三宣布的救助计划可能不足以解决该公司长期的流动性紧缩问题。
“来自政府的明确信息”
在计划出台前与政府官员举行的会议上，Vi官员表示，该电信公司已经“安排了潜在投资者”，但只有在确定该行业可以投资时，他们才会进行投资。ABG主席Kumar Mangalam Birla此前，该公司还将该行业的不生存能力归咎于该公司尽管努力了近一年，但仍无法筹集到2500亿卢比的主要原因。沃达丰股价Aditya Birla集团持有Vi 44.39%， Aditya Birla集团持有27.66%。
政府周三宣布暂停四年调整后的总收入(AGR)和频谱支付，此举允许沃达丰Idea推迟四年累计支付近1万亿卢比(每年约2400 - 250亿卢比)。
其他重要的改革包括赋予运营商“以股权方式支付因上述延期付款而产生的利息金额”的选择权。该中心还可以选择在暂停期结束时将运营商因延期付款而支付的费用转换为股权，具体指导方针将由财政部最终确定。
“政府明确强调，它想要一个由三家私人公司参与的市场。它需要竞争。它甚至说，即使在四年之后，它也会支持沃达丰的Idea。政府还能在一家公司表现出多大的信心啊。”
股权选择:印度工业信贷投资银行证券表示，沃达丰Idea可能在暂停期后成为政府实体
政府正在制定一种机制，使Vi和其他电信公司可以选择将其四年暂停期间的会费利息累积转化为由该中心拥有的股权。此外，政府还可以选择将部分会费转换为股权。
不过，目前华尔街对这一方案表示欢迎。周四，在印度证交所，Vi的股价盘中飙升超过28%，收于11.25卢比，上涨近26%。
Kotak Institutional Equities在一份报告中表示:“这些政策措施给Vi带来了生机，使其能够继续经营下去，并可能挽救其现金流状况，但如果资产负债表或损益表没有缓解，可能会排除任何有意义的股权价值创造。”
该经纪公司预计，Vi“仍将是一个脆弱的参与者，用户基数不断下降，因为它无法在网络能力和服务产品方面赶上Bharti Airtel和Reliance Jio”。
Jefferies补充说，不包括Vi的整个频谱和AGR会费，电信公司2250亿卢比的财务会费需要息税折旧摊销前的季度收益(Ebitda)为56亿卢比。
“虽然Vi在22财年第一季度的Ebitda为128亿卢比，但根据我们的计算，其第一季度移动收入下降了13%，这将导致其Ebitda低于56亿卢比的门槛。收入下降是可能的，因为Bharti可能会将每年1170亿卢比的现金流转移到网络投资上，这将加速他们的市场份额增长，并可能对VIL的收入构成压力。”
法国巴黎银行表示，如果Vi能够筹集到资金，这些资金现在可以部署在网络上，而不是向政府缴纳会费，这对电信公司来说是一个积极的发展。
亏损的Vi公司被1.9万亿卢比的净债务拖累，其中多达1.6万亿卢比将支付给政府。此外，由于无法充分投资扩大4G网络，该公司每个季度都在流失数百万客户。
沃达丰(Vodafone Idea)和其他公司获得以股权形式支付利息的选择权;DoT, Finmin做数学
政府还可以在四年后将部分会费转换为股权。
![\"‘Govt](\"https:\/\/st.etb2bimg.com\/Themes\/Release\/images\/responsive\/ettelecom-default.jpg\")
<\/figure>Kolkata | Mumbai: Significant cash flow relief, estimated by analysts at nearly Rs 1 lakh crore, and government backing will allow Vodafone Idea<\/a> (Vi) to not only survive the next four years but also beyond, said an Aditya Birla Group (ABG) executive. The company will be able to infuse cash into operations, boost capex and fight aggressively in the market, besides becoming more attractive to potential investors, added this executive.
\u201cGovernment backing will give investors the confidence and help plough funds into the company,\u201d he said, while contradicting the view of some analysts who have said the relief package announced by the government on Wednesday may not be enough to address the company\u2019s long term liquidity crunch issue.
\u2018Clear message from govt\u2019
<\/strong>
In meetings with government officials in the lead up to the package, Vi officials said that the telco has \u201clined up potential investors\u201d but they will only invest once they are sure the industry is viable to invest in. ABG chairman Kumar Mangalam Birla<\/a> had also previously blamed unviability of the sector as the chief reason for the company\u2019s inability to raise Rs 25,000 crore despite trying for nearly a year. Vodafone Plc<\/a> owns 44.39% in Vi while Aditya Birla Group holds 27.66%.
<\/div><\/div>The executive quoted earlier said the relief package would also give confidence to Vi\u2019s employees, who can now focus on work and \u201cnot be on the lookout for jobs\u201d, a development that would also help the telco fight its nearest rivals Bharti Airtel<\/a> and Reliance Jio<\/a> more effectively.
The government on Wednesday announced a four-year moratorium on adjusted gross revenue (AGR) and spectrum payments, a move which allows Vodafone Idea to defer a cumulative payment of nearly Rs1 lakh crore \u2013 around Rs24,000-25,000 crore annually - over four years.
Other crucial reforms include giving operators the option to \u201cpay the interest amount arising due to the said deferment of payment by way of equity\u201d. The Centre also has the option of converting operators\u2019 dues owing to the deferred payment into equity at the end of the moratorium period, guidelines for which will be finalised by the finance ministry.
\u201cThe government has clearly underlined that it wants a three-private player market. It wants competition. It has gone to the extent of saying it is there to back up Vodafone Idea even four years later. How much more confidence can the government show in a company,\u201d the Aditya Birla Group official said.
The government on Wednesday announced a four-year moratorium on adjusted gross revenue (AGR) and spectrum payments, a move which allows Vodafone Idea to defer a cumulative payment of nearly Rs1 lakh crore \u2013 around Rs24,000-25,000 crore annually - over four years.
Other crucial reforms include giving operators the option to \u201cpay the interest amount arising due to the said deferment of payment by way of equity\u201d. The Centre also has the option of converting operators\u2019 dues owing to the deferred payment into equity at the end of the moratorium period, guidelines for which will be finalised by the finance ministry.
\u201cThe government has clearly underlined that it wants a three-private player market. It wants competition. It has gone to the extent of saying it is there to back up Vodafone Idea even four years later. How much more confidence can the government show in a company,\u201d the Aditya Birla Group official said.
<\/div><\/div>Brokerage Jefferies said while Rs 25,000 crore annual cashflow relief to Vi does improve its chances of surviving for longer, the government could end up owning 26% of the loss-making carrier at the end of four-year period, if the company chooses to convert the cumulative interest of Rs 9,000 crore over four years into equity that will be owned by the Centre. Investors may not want to be part of a telco which runs the risk of being government-owned some years later, warned an analyst at BNP Paribas.