According to Vinay Rai, chairman and CEO, Usha Group, Koshika intends to make the entire payment of Rs 419 crore by July 24 and restart its cellular operations by the end of July. The company has to pay a total Rs 419 crore, which includes interest as on March 31, to the Department of Telecommunications (DoT). Of this, the company has already paid a notional fee, added Vinay Rai.

It has to pay Rs 270 crore as the second installment on the 8th of May and according to company sources, the company will pay a part of that amount. "We have to make the entire payment by July 24, in 90 days from the day on which we signed the letter accepting the terms and conditions of the DoT. So even if we do not pay the entire Rs 270 crore on the 8th, we are safe till July 24," say company officials. Though the company officials did not give a specific figure, sources say that Koshika is thinking of paying Rs 200 crore to DoT on May 8th.However, in case the company chooses not to pay the entire amount, Koshika will have to pay a penalty of three per cent on the remaining portion of the Rs 270 crore.