Indian cellco Vodafone Idea (Vi) has begun talks with US-based private equity firm Apollo Global Management, through which the operator hopes to secure USD3 billion in funding over the next three months through a mixture of debt and equity to meet its payment obligations, the Economic Times writes, citing three people aware of the discussions. According to the sources, the negotiations are focused on business valuations, funding terms and the structure of the proposed deal. Vi was said to be keen to secure all of its required funding through Apollo, with one of the sources stating that Vi was open to offering a ‘sizeable stake’ to the company once valuations and terms have been agreed. The loss-making operator needs to cover payments totalling around INR225 billion (USD3.0 billion) between December 2021 and April 2022, including debt payments, Adjusted Gross Revenue (AGR) dues and spectrum fees. As previously reported by TeleGeography’s CommsUpdate, the telco has sought a moratorium on its spectrum payments (around INR83 billion) from the Department of Telecommunications (DoT), and is also looking to raise around USD1 billion through the sale of its fixed broadband (YOU Broadband), data centre and fibre-optic infrastructure subsidiaries.