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Government Weighs Relief Plan for Vi’s INR 84,000 Cr Debt Woes
StartupTalky
·
22d ago
Medial
The Indian government is exploring relief measures for Vodafone Idea (Vi) to address its INR 84,000 crore debt, primarily related to adjusted gross revenue (AGR) dues. Potential strategies include extending the repayment period from six to twenty years and applying simple rather than compound interest. Alternative options include a nominal annual payment to manage these obligations. These measures aim to support Vi's financial health and ensure its operational continuity, as doubts persist about its current cash flow capabilities.
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Centre mulls options to give Vi relief on Rs 84,000 cr dues
Economic Times
·
22d ago
Medial
The Indian government is exploring options to ease Vodafone Idea’s (Vi) regulatory dues of Rs 84,000 crore to prevent its downfall. As the major shareholder, the government is considering extending the repayment period to 20 years and switching from compound to simple interest to reduce Vi's financial burden. This could bring major savings on interest costs. However, concerns persist about Vi’s ability to meet even reduced payment obligations due to its current cash flow challenges.
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Not received communication from govt regarding considering relief of Rs 84,000 cr, says Vodafone Idea
Economic Times
·
22d ago
Medial
Vodafone Idea (Vi) announced it hasn't received any government communication regarding possible relief of Rs 84,000 crore in outstanding regulatory dues. Despite media reports suggesting government intervention, the company confirmed it would update stakeholders with any developments. Vodafone Idea, owing Rs 83,400 crore in AGR dues as of March 2025, faces financial difficulties, needing to pay Rs 18,064 crore by March end. Concerns exist about Vi's future without regulatory relief.
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FAME woes: Okinawa fails legal bid seeking stay in govt recovery proceedings
Livemint
·
11m ago
Medial
The Delhi High Court has denied interim relief to electric two-wheeler manufacturer Okinawa Autotech from government recovery proceedings and penalties amounting to INR 117 crore. The penalties were imposed after the company allegedly violated domestic manufacturing criteria under the FAME-II scheme. The court's decision sets a precedent for other EV manufacturers facing similar demands and intensifies Okinawa's challenges. The case is scheduled for final adjudication on October 14, 2024. The court's ruling signifies the government's commitment to enforcing compliance with the FAME-II scheme and points to potential difficulties for non-compliant manufacturers.
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Former KKR India chief Nayar’s VC firm leads FREED’s Series A round
VCCircle
·
1y ago
Medial
Debt relief platform, FREED, has secured INR 60 crore in a Series A funding round led by Sorin Investments, the VC firm founded by former KKR India chief Sanjay Nayar. The funding will be used to help individuals burdened with debt regain their financial freedom. FREED, which claims to provide accessible and ethical debt relief solutions, has already enrolled over INR 1,200 crore in stressed retail debt on its platform from more than 25,000 customers across India.
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Govt to infuse ₹500 cr in IFCI to improve its financial health
Livemint
·
6m ago
Medial
The Indian government has decided to infuse INR 500 crore capital into state-owned company IFCI to improve its financial health. This comes ahead of the company's restructuring and consolidation into a group. With the infusion, the government's holding in IFCI is expected to increase from the existing 71.72%. The capital infusion plan was approved through the passage of the first Supplementary Demand for Grants for 2024-25 in the Lok Sabha. IFCI had previously raised INR 500 crore capital through equity share issuance to the government.
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Vedantu Bags INR 19.25 Cr In A Mix Of Debt & Equity
Inc42
·
9m ago
Medial
Indian online tutoring platform Vedantu has raised INR 19.25 crore ($2.4 million) in a financing round led by Stride Ventures' Debt Fund II. The funding consisted of INR 17.5 crore ($2.2 million) in debt and INR 1.75 crore ($220,000) in equity. Vedantu's operating revenue for FY23 saw a decline of 8% at INR 152.5 crore ($19 million) compared to INR 166 crore ($21 million) in the previous year.
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Debt relief platform Freed raises $7.5 million in funding round led by Sorin Investments
Economic Times
·
1y ago
Medial
Gurugram-based debt relief startup Freed has secured $7.5 million in a funding round led by Sorin Investments and Multiply Ventures. The company, which helps consumers manage and repay their debts, plans to use the investment to expand its reach and enhance its technology. Freed aims to alleviate the burden of debt for individuals in India who may be over-leveraged and facing collection stress from lenders. The startup, founded in 2020, has already enrolled over INR 1,200 crore in stressed retail debt across more than 25,000 customers.
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Good Glamm Buys Remaining Stake In Sirona For INR 450 Cr
Inc42
·
9m ago
Medial
- Good Glamm Group acquires remaining 49.42% stake in Sirona for INR 450 Cr - Cofounders of Sirona, Deep and Mohit Bajaj, exit the company with an all-cash deal - Good Glamm Group previously acquired a 41.15% stake in Sirona for INR 100 Cr in 2021 - Sirona is a femtech startup founded in 2015 - Sirona specializes in selling female hygiene products including herbal pain relief patches, period stain remover, sanitary napkins, and menstrual cups
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IREDA Drags Gensol to Debt Recovery Tribunal Over INR 729 Cr Recovery
StartupTalky
·
1m ago
Medial
Indian Renewable Energy Development Agency (IREDA) has taken Gensol Engineering to the Delhi Debt Recovery Tribunal (DRT) to recover INR 729 crore, citing debt defaults totaling INR 510 crore by Gensol and INR 218.95 crore by Gensol EV Lease. The case follows accusations by SEBI that Gensol's promoters misused company funds. This situation has also impacted BluSmart, an affiliated EV firm, leading to operational shutdowns and legal actions against Gensol's promoters.
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NCLAT To Hear Google’s Plea Against CCI’s INR 936 Cr Fine On November 28
Inc42
·
1y ago
Medial
The NCLAT will hear Google's appeal against the CCI's fine of INR 936.4 Cr for abusing its dominant position through Play Store policies. Earlier this year, Google's request for interim relief was denied. The CCI had imposed the fine for imposing unfair conditions on app developers through its in-app payments policy. Google's appeal against another fine of INR 1,337.6 Cr for anti-competitive practices in the Android devices market will be heard by the Supreme Court on October 10.
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