Vi Plans To Clear ₹49,000 Cr Spectrum Dues In Three Years, Says Chairman

Vodafone Idea has laid out a plan to repay nearly ₹49,000 crore in spectrum dues over the next three years, a step the company hopes will reassure lenders as it seeks fresh bank funding.

Addressing shareholders at the company's 31st annual general meeting, Aditya Birla Group chairman Kumar Mangalam Birla said the business plan already factors in meeting all scheduled spectrum payments during this period. He said the company's adjusted gross revenue payments have been deferred to FY35, and that its current outstanding bank loans stand at only ₹225 crore.

Payment Schedule Over Three Years

According to the plan, Vi will pay around ₹7,000 crore in FY27, ₹15,000 crore in FY28 and ₹27,000 crore in FY29. These spectrum dues became the company's largest remaining financial obligation after the government reduced its adjusted gross revenue liabilities earlier this year.

The company has said it will not seek any further moratorium on these payments. Instead, it plans to meet them through a combination of higher EBITDA, stronger internal cash generation and new bank loans. Vi generated ₹19,411 crore in operating cash flows in FY26. Alongside the repayment plan, the company is also carrying out a ₹45,000 crore capital expenditure programme aimed at expanding 4G coverage and accelerating its 5G rollout.

Subscriber Base And Network Growth

Vi's operational performance has shown signs of improvement. The company returned to monthly subscriber additions from February and closed FY26 with 192.8 million customers, of which nearly 129 million use 4G or 5G services. Its 4G population coverage has crossed 86%, and the number of broadband towers has gone past 200,000.

Over the last six quarters, Vi added 32,000 4G sites and 16,000 5G sites, which increased network capacity by 47% and raised 4G coverage from 77% to 87%. The company aims to take population coverage in its operating circles to 95% within the next five to six quarters. Its 5G services are currently live in more than 200 cities and towns and are expected to expand to around 450 locations in the coming months.

Notably, Vi raised ₹3,300 crore through non-convertible debentures in FY26. It also settled ₹6,394 crore worth of receivables from the Vodafone Group during the year, a move that has helped strengthen its balance sheet.