Vodafone Idea (Vi) has reportedly got an initial proposal worth $2 billion line of credit from a consortium led by US investment firm Oak Hill Advisors.

Some of the global investors in the consortium that has given a non-binding term sheet to Vi include Sixth Street, Twin Point Capital and Varde Partners.

According to industry sources, the proposed funding model will likely be a blend of bonds and warrants that will give the consortium members an option to convert part of the loan to shares of the company at a later stage.

Further, negotiations are going on to finalise the terms and the consortium is likely to submit a binding term sheet only by the end of December 2020.