You are here: Home » Companies » News
Business Standard

Oaktree, Varde offer $2 billion funding to Vodafone Idea: Report

Vodafone Idea said in September it plans to raise as much as 250 billion rupees ($3.4 billion)

Topics
Vodafone Idea | Private equity

Baiju Kalesh Anto Antony & P R Sanjai | Bloomberg 

vodafone, idea, VI
Vodafone Idea is looking to shore up its finances as competition heats up in the wireless industry

A consortium backed by Oaktree Capital has offered to provide at least $2 billion of funding to Vodafone Group Plc’s listed Indian arm, people with knowledge of the matter said.

Oaktree teamed up with several other firms including Varde Partners for the potential deal with Ltd., according to the people. The investor group made a proposal to provide around $2 billion to $2.5 billion of capital to Vodafone Idea, the people said, asking not to be identified because the information is private.

said in September it plans to raise as much as 250 billion rupees ($3.4 billion) selling shares and debt to shore up its finances as competition heats up in the Indian wireless industry. It wasn’t immediately clear how a potential deal with the Oaktree-backed consortium would be structured.

The Indian carrier has also been speaking to other potential investors, and there’s no certainty the negotiations will lead to an agreement, the people said. Representatives for Oaktree, Varde and declined to comment.

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Thu, November 19 2020. 13:47 IST
RECOMMENDED FOR YOU
.