After converting Vodafone idea's accrued interest on adjusted gross revenue (AGR) dues into equity, the government may also convert outstanding dues on spectrum and AGR after the four-year payment moratorium is over, said analysts.
"Our base case remains that (Vodafone) Idea will be a going concern and we assume in the long term a part of outstanding dues on spectrum and AGR will also be equitized by the government," JP Morgan said in a report.
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