SBI led Banks to provide $3.5 billion Loan to Vodafone Idea

A group of banks led by State Bank of India, have agreed to provide about $3.5 billion (roughly ₹29,000–35,000 crore) of debt financing to Vodafone Idea Ltd. to help the mobile telephone operator rebuild its business.

As per sources, other banks in the consortium include Union Bank of India Ltd. and the National Bank for Financing Infrastructure and Development.

Vodafone Idea, the country’s third-biggest wireless operator in terms of users, plans to use some of the funds to improve its network and better compete with Bharti Airtel Ltd. and Reliance Jio Infocomm Ltd., the people said.

Kumar Mangalam Birla will remain as chairman throughout the tenure of the loan, which is nearly 10 years, and guarantees of repayment in case of default.

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