Vodafone Idea CEO: In talks with investors to raise funds

Vodafone Idea Ltd is in advanced talks with investors to raise fresh capital, which will be used to expand 4G capacities and roll out 5G services, said chief executive Akshaya Moondra on Friday.

He also said that the conversion of interest on the telecom operator's dues into equity by the government would help conclude the fundraising.

The loss-making company has been trying to raise ₹20,000 crore in debt and equity from external investors since 2020.

India's No. 3 carrier received an equity infusion of ₹4,500 crore from promoters Aditya Birla Group and Vodafone Group Plc earlier this financial year.

Moondra said that the fundraising was also dependent on the return of bank guarantees by the government, which had already taken place, leaving only the more important factor of conversion into equity which was yet to happen.

However, he said that post the approval of the amount of dues of ₹16,000 crore in April, the company had not heard from the government and added that he was not sure of the reasons behind the delay from the government's side.

He said the carrier has given the option of converting dues owed to vendor partners into optionally convertible debentures on the lines of ATC India.