Vodafone Idea 'in talks' with SBI for loan, asked to give turnaround plan

Bank has asked Vodafone Idea to present a detailed plan on their financial viability including equity infusion from the largest shareholders, says Bloomberg.

Vodafone Plc’s troubled India unit is in talks with the country’s largest lender about fresh loans, according to people familiar with the matter, in a deal that could pave the way for other banks to offer credit and boost survival chances of the cash-trapped wireless operator.

State Bank of India has asked Vodafone Idea Ltd., a joint venture between Vodafone and billionaire Kumar Mangalam Birla’s conglomerate, to first outline a turnaround strategy, the people said, asking not to be identified as the discussions are private.

The government-owned lender has asked Vodafone Idea to present a detailed plan on their financial