Vodafone Idea Limited (Vi) is in talks with lenders for loans totaling Rs 150 billion ($1.8 billion) in the next two years, as Vi seeks to turn around its unprofitable operations.
This would be the first move in a plan to raise Rs 250 billion overall in debt, with the proceeds helping to repay operational creditors, roll out a 5G network and bid for additional spectrum.
According to the sources, Vi has reached out to banks such as State Bank of India (SBI), Bank of Baroda and Punjab National Bank, as well as some private-sector lenders. Further, SBI may take the lead of a consortium with state-owned and private bankers, and the funds would be disbursed in tranches
