Govt OKs upto Rs15K cr FDI investment proposal from Vodafone Idea; but no fund raising deal sealed yet

MUMBAI: The government has approved a proposal from Vodafone Idea (Vi) for an investment of upto Rs15,000 crore via the foreign direct investment (FDI) route, a person familiar with the matter said. The struggling telco’s stock rose over 6% on the news.

The person added that the government’s nod is an enabling approval and no fund-raising deal has been sealed yet.

“When the fund-raising announcement was made, the Board said that the maximum capital to be raised from one source was Rs 15,000 crore and therefore, approval for that had to be sought,” said the person.