Vi hopes to secure funding deal with SBI-led consortium

Vodafone Idea is in discussions with a consortium of public sector banks led by State Bank of India (SBI) for additional debt funding and is “hopeful of closing” the deal, as the telecom operator looks to secure financing for its Rs 45,000-crore network expansion plan over the next three years.

The company, during a post-earnings call, said it has structured its fundraising efforts across three lender groups — the SBI-led consortium with six to seven participating banks, Indian private banks, and external commercial borrowing (ECB) lenders comprising foreign banks. It said discussions with all three cohorts have made “substantial progress”.