Govt may have to take the biggest hit if Vodafone Idea fails

如果沃达丰创意倒闭，印度政府或遭受最大的损失

NEW DELHI: With outstanding dues of nearly Rs 1.6 lakh crore in spectrum payments and AGR dues, the government may be the biggest loser in case Vodafone Idea collapses under crippling losses and heavy debt.

新德里：在频谱支付和AGR费用方面沃达丰创意欠款接近1.6万亿卢比，如果沃达丰创意（VI）因严重亏损和沉重债务而倒闭，印度政府或成为最大的输家。

The hit for the government just doesn't stop here. If one adds the outstanding Rs 23,000 crore owed to the banks, the impact could be one of the biggest in corporate history as a large part of the loans (65-70%) is extended by state-run lenders. The banks have further extended guarantees worth thousands of crores to the company, which also run the risk of defaults.

对政府的打击还不止于此。如果加上欠银行的2300亿卢比，影响可能是企业历史上最大的，因为大部分贷款(65-70%)是由国有贷款机构发放的。银行进一步向该公司提供了价值数千亿卢比的担保，但该公司也面临违约风险。

"The telecom department and the national exchequer would lose the most in case of a collapse of Vodafone Idea. The picture looks grim considering the poor recoveries and unrealised outstanding after the collapse of Anil Ambani's Reliance Communications and Aircel, where too several thousands of crores of rupees remain locked. Taxpayers stand to lose the most," an analyst with a leading brokerage told TOI.

一家主要券商的分析师告诉《印度时报》：“如果沃达丰创意破产，电信部门和国家财政部的损失将最大。鉴于经济复苏乏力，安尼尔•安巴尼(Anil Ambani)的信实通信和Aircel破产后尚未实现出色业绩，前景看起来很严峻。纳税人将蒙受最大损失。”

Cumulatively, the company currently has a debt of Rs 1.8 lakh crore, and has been bleeding financially with losses pegged at Rs 7,000 crore during the March quarter. The debt tops Rs 1.8 lakh crore, according to ICICI Securities. "We see payment of liabilities coming soon, while fund availability remains a challenge," it said.

该公司目前累计负债1.8万亿卢比，财务上一直在亏损，3月份亏损达700亿卢比。根据印度工业信贷投资银行证券的数据，债务超过1.8万亿卢比。该公司表示:“我们预计债务很快就会得到偿还，而可用资金仍是一个挑战。”

According to numbers sourced from various analysts and Vodafone Idea's financial results, at Rs 107, the company remains precariously placed with the lowest average revenue per user (Arpu) among its peers. Reliance Jio reported Arpu of Rs 138 and Bharti Airtel at Rs 145, though the latter has said time and again that at least Rs 200 Arpu is needed to nurse the capital-intensive sector back to health.

根据多名分析师和沃达丰创意的财务业绩，该公司的平均每股收益(Arpu)为107卢比，处于同行中最低水平。信实Jio报告的Arpu为138卢比，Bharti Airtel为145卢比，尽管后者一再表示，至少需要200卢比Arpu，才能使资本密集型行业恢复健康。

以下是印度时报读者的评论： 译者：Jessica.Wu

Amarrdiip Kumaarr

all the mess of telecom is the gift of slient Manmohan Singh

电信行业的所有混乱都是辛格造成的

Bs Purushotham

Unlike banks which extended loans, the spectrum and ADR dues are huge costs imposed on the sector which ruined them . The losers are banks, equipment suppliers and the employees all because of wrong Govt policies of burdening the sector . The article is wrong in saying Govt is the biggest loser if VI fails . Infact they are the cause .

与银行发放贷款不同的是，频谱和ADR费用是强加在行业上的巨大成本。输家是银行、设备供应商和员工，都是因为政府给该行业增加负担的错误政策。文章说如果沃达丰创意失败，政府将是最大的输家，这是错误的。事实上，政府是始作俑者。

Gary S

Taxpayers i.e. 4.5% of the entire 1.3 billion janta of this country. Means, only us stupid tax payers will get hurt, rest 95.5% wont even get to understand what has happened.

纳税人，也就是这个国家全部13亿人口的4.5%，只有我们这些愚蠢的纳税人会受到伤害，其余95.5%的人甚至不知道发生了什么。

Asok Datta

To pamper the Ambanis and Adanis this government will kill all competitors in our spectrum management- this will be a disaster

为了照顾安巴尼和阿达尼家族，印度政府将扼杀我们频谱管理领域的所有竞争对手——这将是一场灾难

Baldev Raj

Jio is responsible for this, recover the lost money from Jio and its bosses so that tax payers money remains safe.

Jio要对此负责，从Jio及其老板那里收回损失的钱，保住纳税人的钱。

Desh K Gaddaro Ko

Govt should hand over VI to Jio.

政府应该把沃达丰创意交给Jio。

Bharat First

Even breaking Jio towers in Punjab couldn’t earn them more customers. Definitely its the failure of poor planning and management by company. There was a time when Vodafone was number one in Indian telecom market now they slipped to 3rd as they couldn’t identify the challenges and kept on ignoring them.

即使摧毁旁遮普的Jio信号塔也无法为他们赢得更多的顾客。这肯定是因为公司规划和管理不善。沃达丰曾经是印度电信市场的老大，现在他们下滑到第三，他们没有认识到挑战，并继续忽视这些挑战。

inesh jain

everything was good until jio entered. jio ruined vodafone.

一切都很好，直到Jio进入市场。Jio毁了沃达丰。

Kulbhushan Rai Madan

These days every decision has to go through the scrutiny of the Supreme Court. These days more than 50% decision of executive are taken by Supreme court.

最近，每一个决定都要经过最高法院的审查。如今，超过50%的行政决策由最高法院做出。

S Trivedi

Meanwhile big brother bambani continues to use small brother bambanis bankrupt companies spectrum, while the company owes 55,000 crores to TRAI. Sold SC judge who retired last year figures in the Pegasus list.

与此同时，大哥穆克什继续使用弟弟阿尼尔破产公司的频谱，而该公司欠印度铁路公司5500亿卢比。去年退休的最高法院的法官也在“飞马”监听名单上。

A Singh

This Govt is economically messing up things day by day.

这届印度政府把经济搞得一团糟，一天比一天糟。

Hemant P

The govt cannot allow healthy competition to perish and make one company dominate the whole of India.

Monopolies breed greed and disharmony.

VODAFONE MUST STAY . GOVT MUST PAY FOR THEIR LOSSES.

政府不能让良性竞争消失，不能让一家公司主宰整个印度市场。

垄断滋生贪婪与不和谐。沃达丰必须留下来，政府必须赔偿他们的损失。

Raj Sharma

Govt should sell everything to Reliance. After all the biggest beneficiary in the country is Reliance.

政府应该把一切都卖给信实。毕竟，印度最大的受益者是信实集团。

Aditya Sengar

Vodafone is definitely one of the best telecom service provider in the country. It's 3rd largest as well in the country. If it can't survive there is something seriously wrong with Govt. Policies.

沃达丰绝对是印度最好的电信服务提供商之一，也是全国第三大。如果无法生存，那么政府的政策就有问题了。

Arun Royappan

As long as Jio is making huge profits .....we are not worried about other things .....

只要Jio能赚取巨额利润，我们不担心其他事情.....

Dinesh Dave

Ultimately it's the common man who is going to take the biggest hit. We need atleast a dozen players in the market for fair competition, a viable pricing, an option for premium services. Just to favor Jio, the governments have crucified others. Time is coming soon when you will have no option except Jio.

最终，受损失最大的将是普通人。我们需要至少十几个参与者在市场上公平竞争，价格合理，客户可以选择优质服务。为了讨好Jio，政府把别人钉死在十字架上。时间快到了，除了Jio，你们别无选择。

Imran Khan

Vodafone data speed was very slow and overcharged. I remember paying 250 Rs. for 2 GB data. When Jio came, they provided true 4G speed at very affordable rates. So almost all Vodafone users moved to Jio. Had Vodafone provided good service at affordable rates earlier, they would have had good market share.

沃达丰的流量网速很慢，而且收费过高，我记得我花了250卢比买了2G流量。Jio进入的时候，他们以非常实惠的价格提供了真正的4G速度。几乎所有的沃达丰用户都转向了Jio。如果沃达丰能更早地提供价格实惠的优质服务，他们就可以拿下不错的市场份额。

Sieger Saha

We are heading towards monopoly market of Reliance.Big fish eating all others.

我们正在走向信实的垄断市场。大鱼吃小鱼。

protestor

Modi killed idea for ambani and now he’s saving it??

莫迪扼杀沃达丰是为了安巴尼，现在他在拯救它?

B k

The govt allowed jio to give free services for 1 year which led to vodafone and airtel suffer . Jio used oil money to remove competition. After all who can survive giving free services for so long especially with so much debt on its books (vodafone)

政府允许jio提供一年的免费服务，导致沃达丰和airtel遭受损失。Jio利用石油收入来消除竞争。毕竟，谁能在长期提供免费服务的情况下生存下来，尤其是在帐面上负债累累的时候(沃达丰)