Vodafone Idea in talks with banks to refinance Rs 3-4k crore loans

This is expected to free up some cash for Vodafone Idea which needs to pay urgently to Indus Towers, Nokia and Ericsson

Vodafone Idea (Vi) has initiated talks with Indian banks like the State Bank of India (SBI), Punjab National Bank (PNB) and HDFC Bank to refinance loans of Rs 3,000-4,000 crore, the Economic Times (ET) reported quoting bankers aware of the development. 

This is expected to free up some cash for the telco, which needs to pay urgently to Indus Towers, Nokia and Ericsson. In September this year, Vi must pay Rs 9,600 crore worth of debt to different lenders. It owes Rs 7,000 crore to Indus Towers alone. As of September 2022, its total debt stands at Rs 2.2 trillion.