As India’s largest mobile carrier by users seeks to bolster its finances, Vodafone Idea has hired Bank of America Corp.  and Morgan Stanley to help sell its fiber assets.
The banks will initiate discussions with potential buyers for the fiber assets. These are supposed to be valued at as much as Rs 130 Bn. However, the company could bring more banks for the sale and the final decision is made on the valuation and the stocks to be sold yet.
Earlier, Vodafone Idea raised Rs 250 Bn from the rights issue in April, ready for the war chest for a 5G network. This deal, if successful, would help the phone-service provider add to the funds it’s been raising to cut debt and defend off rivals Bharti Airtel Ltd. and billionaire Mukesh Ambani’s Reliance Jio Infocomm Ltd., an upstart that brought the Jio wave in India.
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