Vodafone Idea dials pension funds to raise $1 billion

Mumbai | New Delhi: Vodafone Idea (Vi) has approached pension funds including Norway’s Government Pension Fund Global and three Canadian ones such as Canada Pension Plan Investment Board (CPPIB) to raise around $1 billion (Rs 6,000-7,000 crore) to keep its flagging India operations afloat, people familiar with the matter said.

“Vodafone Idea has reached out to the Government Pension Fund Global in Norway and Canada Pension Plan Investment Board (CPPIB), Caisse de Dépôt et Placement du Québec (CDPQ) and Ontario Teachers’ Pension Plan (OTPP),” said one of the people. “The thought process for now is that this would not be a direct equity deal, but debt which is convertible into equity.”