Oaktree and Varde likely to invest $2 billion in Vodafone Idea

According to agency sources, Oaktree and Varde are likely to invest 2 billion dollars in Vodaphone Idea.

A marketing participant also tweeted, “Oaktree, Varde Said to Offer $2 Billion Funding to Vodafone Idea”

Advertisement

Shares of Vodafone Idea NSE 2.72 % advanced over 3 per cent, post the announcement.

On 30 August 2018, Varde, joined overseas investors from Blackstone Group LP to Oaktree Capital Group LLC drawn by India’s efforts to resolve $210 billion in soured loans.

Vodafone Group Plc is a British multinational telecommunications company. Its registered office is located in Newbury, Berkshire, England and its global headquarters is based in London, England. It predominantly operates services in the regions of Asia, Africa, Europe, and Oceania.

Idea Cellular Limited) was an Indian mobile network operator based in Mumbai, Maharashtra? The idea was a pan-India integrated GSM operator and had 220.00 million subscribers as of June 2018.

On 31 August 2018, Vodafone India merged with Idea Cellular, to form a new entity named Vodafone Idea Limited. Vodafone currently holds a 45.1% stake in the combined entity and Aditya Birla Group holds a 26% stake. Kumar Mangalam Birla heads the merged company as the Chairman. Ravinder Takkar, ex-CEO of Vodafone Romania is the current CEO of the company.