Vodafone Idea seeks ₹35,000 crore 10-year loan for capex

TL;DR: Vodafone Idea is assembling a consortium of eight to 10 lenders for a ₹35,000 crore, 10-year term loan, according to a report published on September 14, 2026. State Bank of India has approved about 20% of the exposure, or roughly ₹7,000 crore, and the operator's total service upgrade requirement is estimated at ₹60,000 crore.

Vodafone Idea is assembling a consortium of eight to 10 lenders for a ₹35,000 crore, 10-year term loan, according to a report published on September 14, 2026. The funding is intended to support the operator's capital expenditure over the next decade.

State Bank of India has approved about 20% of the proposed loan exposure, likely around ₹7,000 crore. The remaining amount is expected to be split among other public and private sector lenders, with a minimum exposure of ₹1,500 crore per creditor.

The report said Vodafone Idea needs a total of ₹60,000 crore to upgrade its services. The balance beyond the bank loan would need to come from internal accruals or a later equity infusion.

The report said State Bank of India attached conditions to the financing, including that any investment shortfall above the loan amount must be managed by Vodafone Idea. Kumar Mangalam Birla, who returned as chairman in May 2026, is also required to remain chairman for the tenure of the loan, while the Aditya Birla Group must maintain its equity stake after converting warrants and rights.

National Bank for Financing Infrastructure and Development is expected to be the second-largest lender with about ₹4,000 crore exposure. The report also named Punjab National Bank, Canara Bank, Bank of Baroda, Union Bank of India, ICICI, and HDFC as lenders in discussions, and said the loan structure could be finalized by the middle of October.