Vodafone Idea aims for $2.9 billion in loans to bolster network

Vodafone Idea Ltd. is talking to lenders to borrow about 250 billion rupees ($2.9 billion) in loans to bolster its network and compete better with large rivals, according to people familiar with the matter.

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.