Vodafone Idea is reportedly in talks with SBI for a loan lifeline

Vodafone troubled India unit is in talks with the country’s largest lender about fresh loans, according to people familiar with the matter, in a deal that could pave the way for other banks to offer credit and boost survival chances of the cash-trapped wireless operator.

State Bank of India has asked Vodafone Idea, a joint venture between Vodafone and billionaire Kumar Mangalam Birla’s conglomerate, to first outline a turnaround strategy, the people said, asking not to be identified as the discussions are private.

The government-owned lender has asked Vodafone Idea to present a detailed plan on their financial viability including equity infusion from the largest shareholders, cash conservation plans, tariff outlook and a road map to return to profits, according to the people familiar.