A consortium of lenders, led by the State Bank of India (SBI), has given in-principle approval for a Rs 14,000-crore loan to Vodafone Idea (Vi), which is looking to turnaround its unprofitable operations through a series of measures, including launching 5G services.
While an official communication is still awaited, the joint venture between Vodafone Group Plc and Birla’s conglomerate has received informal commitments from several lenders, including Punjab National Bank (PNB), Bank of Baroda, Union Bank, and other public and private sector banks, sources aware of the development told Moneycontrol.
The consortium is expected to disburse funds in tranches once the transaction is closed. The proceeds will be used to repay operational creditors, roll out a 5G network, and bid for additional spectrum, sources said, adding the telco is aggressively pursuing its larger objective of raising Rs 25,000 crore after the successful FPO.
