India Caps Past Dues of Vodafone’s Local Unit at $6.7 Billion

India has capped past spectrum fees for Vodafone Idea Ltd. at 640.46 billion rupees ($6.7 billion) following an extensive reassessment, trimming almost 27% off the liabilities of the indebted wireless carrier.

The wireless carrier will have to pay a minimum 1 billion rupees annually over four years from the year ending March 2032 to fiscal 2035, while the remaining amount is to be paid in six equal installments annually from fiscal 2036 to 2041, Vodafone Idea said in a filing Thursday.