Vodafone Idea hires Bank of America, Morgan Stanley for $1.9-bn fibre sale

Vodafone Idea has hired Bank of America and Morgan Stanley to help sell its fibre assets as India's largest mobile carrier by users seeks to bolster its finances, sources said. 

The bankers will initiate discussions with potential buyers for the fibre assets, which could be valued at as much as Rs 130 billion ($1.9 billion), the sources said. A final decision has yet to be made on the valuation and the stake to be sold, and the company could bring in more banks for the sale, the people said.

 Representatives for Vodafone Idea and Morgan Stanley declined to comment, while a Bank of America spokesman didn’t immediately respond to requests for comments. A deal, if successful, would help the phone-service provider add to the funds it’s been raising to pare debt and fend off rivals Airtel and Jio Infocomm, an upstart that upended the market after its debut in 2016.