business π° SBI-led group sanctions $3.5B loan for Vi
A consortium of lenders, headed by State Bank of India, has approved approximately $3.5 billion in debt financing for Vodafone Idea Ltd. This financial support comes from local lenders including Union Bank of India Ltd. and the National Bank for Financing Infrastructure and Development. The funding is intended to help the third-largest wireless operator improve its network against rivals like Bharti Airtel Ltd. and Reliance Jio Infocomm Ltd. Conditions mandate that Kumar Mangalam Birla remains chairman for the nearly 10-year loan tenure. This move follows earlier government support, helping Vi's shares climb almost 40% this year.