In a major reprieve for Vodafone Idea (Vi), the Supreme Court on Monday allowed the Union government to reconsider the adjusted gross revenue (AGR) demands for the period up to 2016-17 paving the way for the debt-laden telecom player to fix its balance sheet, get fresh capital, and focus on its network.

“In a positive development, the Supreme Court has today permitted the government to consider the grievances of Vi on the issues relating to AGR. We look forward to working closely with the Department of Telecommunications to resolve this matter in the interests of our nearly 200 million subscribers,” said Vodafone Idea in a stock exchange filing.

Vi’s shares hit a 52-week high intra-day and ended 4.2 per cent up at Rs 10.02 on the NSE.

The telecom company, in which the government holds 4

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