In September 2021, the Union government announced a series of measures to support the ailing telecom sector. These included redefining what constitutes adjusted gross revenues, cutting spectrum usage charges, and a moratorium/deferment on unpaid dues, among others. As part of the measures, the government also created an option that allowed for the conversion of interest amounts and dues pertaining to deferred payment into equity. In early 2023, the government chose to convert Rs 16,133 crore of interest dues owed by Vodafone Idea into equity. And now, a few days ago, it decided to convert the outstanding spectrum auction dues of Rs 36,950 crore into equity. As a consequence, the government will now own........

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