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Vi seeking loans of INR70bn to clear Indus dues

6 Jan 2023

Debt-laden telco Vodafone Idea (Vi) is reportedly seeking loans of upwards of INR70 billion (USD847 million), primarily to cover its dues to infrastructure provider Indus Towers, the Economic Times writes, citing three people aware of the matter. The operator has struggled to raise funds in recent years due to its substantial debt burden, whilst a planned debt for equity swap with the government have been delayed. Vi is required to clear 100% of its current dues from this month and clear outstanding dues over the next seven months, with Indus having warned the cellco that it would disconnect tower sites if payments are not cleared. Alongside the roughly INR75 billion that the cellco owes Indus, Vi has outstanding dues with several other operational partners including vendors Nokia and Ericsson, limiting its capacity to move forward with a 5G rollout and enabling rivals Reliance Jio Infocomm (Jio) and Bharti Airtel to extend their lead in subscription and revenue market shares.

India, Vi (Vodafone Idea Limited, VIL)

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