Banks unwilling to extend new credit to Voda Idea without promoter funding

Talks between Vodafone Idea Limited and its lenders to raise Rs 10,000 crore in debt have been ongoing for more than 9 months

For more than 9 months, there have been talks between Vodafone Idea Limited and its lenders to raise Rs 10,000 crore in debt. According to sources, despite rounds of negotiations, banks are unwilling to approve new lines of credit for the telecom company, reported Businessline.
 

The company has sought new loans from its current bankers. These banks include State Bank of India, IndusInd Bank, IDFC First Bank, YES Bank, and IDBI Bank. However, most banks have either rejected the request or placed it on hold.
 

A top executive of a private bank told Businessline, “Without Vodafone Plc and Aditya Birla