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观点:在电信、大处着眼,大胆的行动

“至少保留三个私人运营商”

观点:在电信、大处着眼,大胆的行动

政府的报道救援计划强调电信行业是受欢迎的。它包括一个四年的暂停调整总收入(AGR)和光谱支付,降低了频谱使用电荷(往下)和重新定义AGR排除,前瞻性,nontelecom收入除了允许电信公司未使用的频谱投降。

政府也可以转换的一部分由电信公司股票,债务所显示德意志银行(Deutsche Bank)。最有效的救援将是如果政府组织了一个销售和售后回租频谱的电信公司。可以放在一起的资本购买频谱池从电信公司和租赁它在短时间内对电信公司的每股收益。电信公司将释放其资本/缓解频谱向政府支付的债务。

该行业正背负着债务超过8十万的卢比。一口气的偿债义务将缓解现金流问题Vodafone-Idea并使公司为了生存,造成至少三家私人电信的球员。总1.9十万的卢比的债务,沃达丰的想法欠政府对其近十万的1.6卢比AGR和频谱支付。

杰出的延期费将提高其运营盈利能力。政府对不同形式的开放金融救援是受欢迎的。同样的救济可以提供给所有的电信公司不受歧视。降低了往下是合理的和公平的。往下是一个时代的遗物频谱分配时,捆绑营业执照,没有任何单独的提前付款。光谱开始陡峭的价格被拍卖后,往下的理由已经消失了。

同样,陡峭的股票收入收集的许可费频谱拍卖开始后也失去了理由。与频谱牌照才有意义,必须分开了,付好钱。电信公司应纳税利润和正常的公司一样,除了轴承小征税来支付监管。

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The government\u2019s reported relief package for the stressed telecom sector is welcome. It includes a four-year moratorium on adjusted gross revenues (AGR) and spectrum payments, lowering the spectrum usage charge (SUC) and redefining AGR to exclude, prospectively, nontelecom revenues besides allowing telcos to surrender unused spectrum.

The government could also convert a part of the debt owed to it by telcos into equity, as suggested by Deutsche Bank<\/a>. The most impactful relief would be if the government were to organise a sale and leaseback of the spectrum the telcos hold. It could put together a pool of capital that buys the spectrum from the telcos and leases it back for short periods for a share of the telcos\u2019 revenue. The telcos would free up their capital\/relieved of debt for spectrum payment to the government.

The sector is saddled with debt of over Rs 8 lakh crore. A relief on the debt servicing obligation will ease cash flows for troubled Vodafone-Idea and enable the company to survive, leaving at least three private players in telecom. Of the total Rs 1.9 lakh crore of debt,
Vodafone Idea<\/a> owes the government nearly Rs 1.6 lakh crore towards its AGR and spectrum payments.