Banks to discuss next course of action on debt-laden Vodafone Idea

Lenders to Vodafone Idea (VIL) are expected to hold talks to decide on the future course of action with regard to their exposure to the debt-laden telecom player which is struggling to stay afloat.

This comes in the wake of Aditya Birla Group Chairman Kumar Mangalam Birla offering to hand over his stake in VIL to the government or any other entity so that the company remains functional.

Meanwhile, Birla on Wednesday stepped down as non-executive director and non-executive chairman of Vodafone Idea.

S S Mallikarjuna Rao, MD and CEO of Punjab National Bank, on Tuesday said the developments in the last few days were areas of concern for the banking industry, referring the AGR-related issues for the telecom players.