India’s Vodafone Idea looks to trim its dues

Troubled Indian telecom company Vodafone Idea is looking at various options to raise funds. The company is reportedly looking at converting interest dues arising from the deferment of statutory payments into equity, the Press Trust of India reported.

Vodafone Idea is also in talks with banks and investors about raising funds and part of the proceeds are likely to go towards meeting its obligations related to debt maturing this fiscal year. Company CEO Ravinder Takkar said they expect to conclude the fundraising plan by the end of the current financial year.

Last September, the company’s board approved a plan to raise up to 250 billion rupees (US$3.36 billion), but failed to attract investors.

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