Aditya Birla Group chairman Kumar Mangalam Birla is considering infusing some of his own capital into Vodafone Group Idea while the Vodafone Group may sell at least a part of its stake in tower firm Indus Towers and channel the proceeds into the loss making telco. This will be followed by external funding say people aware of the matter. Another person familiar with the matter said that promoter infusion is likely to be much lesser than Rs 10,000 crore that has been reported.
At present UKs Vodafone Group Pic and the Aditya Birla Group own 44.39% and 27.66% respectively in Vodafone idea as its copromoters. The Vodafone Group owns 28.12% in Indus Towers.
For about a year the telco has been in discussions with a slew of potential investors. But it hasn’t been able to close its planned Rs 25,000 crore fundraise and has blamed unviability of the sector as the main reason.