Telecom operator Vodafone Idea reported a staggering £7.39 billion loss in fiscal 2019-20 - the highest ever by any Indian company - after it made provisions for statutory dues as ordered by the Supreme Court. The firm, which has been ordered to pay £5.14 billion dues after the SC ordered non-telecom revenues to be included in calculating statutory dues, said the liability has “cast significant doubt on the company’s ability to continue as a going concern.” In a regulatory filing, Vodafone Idea reported widening of March quarter net loss to Rs 11,644 crore. Its losses stood at Rs 4,882 crore in the same period a year ago and Rs 6,439 crore in the October-December quarter. The department of telecom (DoT) estimates the firm’s adjusted gross revenue (AGR) dues at Rs 58,254 crore up to 2016-17, but the company put the dues at Rs 46,000 crore “after adjustment of certain computational errors and payments made in the past not considered in the DoT demand”.
SBI Gen, Premji firm may acquire Future Generali
Wipro founder Azim Premji’s investment firm Premji Invest and SBI General Insurance are exploring a joint bid to acquire Future Generali which is owned by Future Group and Italy's Generali Group. Both Future Group and Generali Group are keen to exit from the insurance business. Premji Invest has a 16% stake in SBI General Insurance, which was acquired last year when Insurance Australia Group (IAG) offloaded 26% holding in the insurer. Warburg Pincus picked up the remaining stake. Merchant banker UBS has been running the process to find a buyer for Future Group’s stake, but with Generali now wanting to exit, there could be a full-blown acquisition, sources said. Premji Invest chief investment officer and managing partner T K Kurien, Generali Group, and Future Generali declined to comment when contacted. SBI General Insurance MD Pushan Mahapatra also said he had no comments to offer.
