Vodafone Idea gets nod to raise Rs 15,000 crore FDI

CHENNAI: Cash-strapped telecom service provider Vodafone Idea Ltd (VIL) has received ministerial clearances to raise up to Rs 15,000 crore through the foreign direct investment (FDI) route, with the proposal likely to head up to the Cabinet for consideration soon.

While the company declined to offer any comment, sources said that the approvals received for the company’s FDI proposal are an “enabling” action following the decision of its Board of Directors in September last year to raise up to Rs 25,000 crore through a mix of debt and equity issues. The Board had decided that the maximum amount that can be raised through either of these routes (whether debt or equity) shall be capped at Rs 15,000 crore each.