Indian telecom carrier Vodafone Idea is in talks with lenders to avail loans worth 150 billion rupees ($1.80 billion) over the next two years, Bloomberg News reported on Thursday, citing people familiar with the matter.
The company has reached out to state-run lenders State Bank of India (SBI), Bank of Baroda, Punjab National Bank and some privately-held banks, the report said.
Bloomberg News did not mention the names of the private lenders.
SBI may take the lead of a consortium of lenders and the funds could be disbursed in tranches, the report said, adding that discussions are continuing and the details could change.
Vodafone Idea, SBI, Bank of Baroda and Punjab National Bank did not immediately respond to Reuters’ requests for comment.
In February, the debt-saddled telecom carrier unveiled plans to raise more than $5 billion to roll out 5G network service and expand 4G coverage, in an attempt to turn around its fortunes and catch up with its rivals Bharti Airtel and Reliance Industries’ telecom arm Reliance Jio.
Last month, its follow-on share sale – India’s largest – garnered bids 6.36 times the shares on offer.
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