AGR Relief: Vodafone Idea Survives, But Revival Needs Massive Equity Infusion - Centrum

• Government's AGR relief package helps Vodafone Idea stay afloat but doesn't restore competitiveness, says Centrum's Piyush Pandey.
• Pandey states the relief is 'survival, not revival'; a large equity infusion is critical for balance sheet and network investment.
• Vodafone Idea's stock fell over 10% as market expected a 50% AGR cut, but dues remain high at ₹87,000 crore.
• Despite a 5-year moratorium lowering AGR dues NPV by 25-30%, Vodafone Idea's financial position remains stretched with ₹2 lakh crore debt.
• Pandey sees the relief as neutral for Indus Towers, ensuring Vodafone Idea's survival, and values Reliance Jio at $150 billion.

Why It Matters: AGR relief offers Vodafone Idea survival, but significant equity and capex are vital for true revival.