Vi in talks for ₹25K-cr debt to fund ops

VODAFONE IDEA is talking to lenders to borrow about ₹25,000 crore ($2.9 billion) in loans to bolster its network and compete better with large rivals, according to people familiar with the matter.

- PR SANJAI, BAIJU KALESH & SAIKAT DAS

The State Bank of India will likely lead a consortium of lenders, said the people who did not want to be named as the matter is private, adding the debt is expected to be a mix of domestic and foreign loans with a tenor of about 10 years.

The Kumar Mangalam Birla-led wireless carrier had to earlier defer the plan as banks were concerned about the firm's weak finances and mounting dues to the government.