Vodafone Idea in talks with Amazon, PEs for Rs 20,000 cr investment

The investors became interested in putting money in Vodafone Idea after the government took steps to help the telecom sector

American retail major Amazon and a clutch of investors are in talks with Aditya Birla Group to invest up to Rs 20,000 crore in the latter’s struggling wireless telephone company, Vodafone Idea.

The proceeds of the sale will be used to bid for the upcoming 5G auction of spectrum and capital expenditure for the roll-out of services by year-end, say banking sources. Apart from Amazon, the group is talking to private equity investors planning to take an exposure to the telecom sector in India.

“Talks are on with several players and an announcement on new investors is expected soon,” said a banking