VodaIdea to monetize assets to raise $1bn

Cash-strapped telco Vodafone Idea, rebranded as Vi, is planning to raise up to $1 billion or ₹7,400 crore by selling its fixed line broadband subsidiary, optic fiber unit and three data centres businesses. The organization is looking to generate funds to ease its cash crunch.

The telco has been trying to close a ₹25,000-crore fundraising round through a blend of obligation and value. Be that as it may, notwithstanding a few rounds of conversations with many investors, Vi has struggled to close the funding round.

Vodafone Idea needs to pay ₹22,500 crore between December 2021 and April 2022 toward a mix of regular debt, adjusted gross revenue (AGR) and spectrum dues. This comes as a reason for worry for the telco that had a money equilibrium of ₹350 crore on March 31 and loss at ₹6.985.1 crore in March quarter.

At an analyst call last week Vi CFO Akshaya Moondra said that the telco expects to generate an extra ₹3,000 crore in cash this financial year, as per a report in The Economic Times. It intends to raise the sum by selling land parcels were purchased for data centres and through tax refunds.