SBI-led consortium to provide $3.5 B to Vodafone Idea

A group of lenders led by State Bank of India has agreed to provide USD 3.5-B in debt financing to Vodafone Idea. The transaction includes participation from Union Bank of India and the National Bank for Financing Infrastructure and Development (NaBFID).The financing agreement is subject to certain conditions, including the requirement that Kumar Mangalam Birla remain chairman of the firm throughout the loan’s nearly 10-year tenure. Additionally, the deal includes guarantees for repayment in the event of a default.Vodafone Idea, the third-largest wireless operator in India by user count, intends to use these funds to rebuild its business operations and improve its network infrastructure.