Vodafone Idea hires Bank of America, Morgan Stanley for Rs 13,000 crore fiber sale

Vodafone Idea Ltd has hired Bank of America Corp and Morgan Stanley to help sell its fiber assets as it seeks to bolster its finances.

The bankers will initiate discussions with potential buyers for the fiber assets, which could be valued at as much as Rs 13,000 crore, sources said.

Sources also said that a final decision is yet to be made on the valuation and the stake to be sold, and the company could bring in more banks for the sale.

A deal, if successful, would help the phone-service provider add to the funds its been raising to pare debt and fend off rivals Bharti Airtel Ltd and billionaire Mukesh Ambani’s Reliance Jio Infocomm Ltd, an upstart that upended the market after its debut in 2016. In April, Vodafone Idea raised Rs 25,000 crore from a rights issue, building a war chest as India readies for a 5G network.