Cash-Strapped Vodafone Idea In Talks With Private Equity Major Apollo Global To Raise $3 Billion: Report

Cash-strapped and struggling telecom major Vodafone Idea (Vi) is engaging with United States (US) based private equity (PE) major Apollo Global to secure funding of up to $3 billion, reports Economic Times.

If talks fructify, the funding could come in for the company over the next three months through a mix of debt and equity. This would help the company meet its major upcoming payment obligations.

It should be noted that Vi is also aiming to raise as much as $1 billion from the sale of its fixed-line broadband subsidiary, optic fibre unit and data centres business, as it seeks to ease its cash crunch.

The company has to pay Rs 22,500 crore between December 2021 and April 2022 towards a mix of regular debt payments and dues related to adjusted gross revenue (AGR) and spectrum allocation.