Oaktree Cap, Varde Partners offer to invest $2 bn in Vi

A consortium of investors comprising Oaktree Capital Management and Varde Partners has proposed investing at least $2 billion in cash-strapped Vodafone Idea Ltd (Vi) by buying hybrid debt securities, two people familiar with the matter said.

The consortium, led by Oaktree, is said to have offered $2-$2.5 billion to the telecom operator that owes more than ₹50,000 crore to the department of telecommunications in back fees.

Vodafone Idea’s financial position deteriorated sharply after India’s top court ordered it to pay billions of dollars in dues to the government in October last year.