Blow for cash-strapped telco: PFC-REC cuts Vodafone Idea’s borrowing call, wants extra cover

MUMBAI: A consortium of Power Finance Corp (PFC) and its listed subsidiary, Rural Electrification Corp (REC), has declined Vodafone Idea’s request for a long-term loan, citing a mismatch with internal underwriting guidelines and what industry sources described as discomfort with the securities offered as collateral by the cash-starved telco.