&imwidth=800&imheight=600&format=webp&quality=medium "US firm in talks with Vodafone Idea for operational control: Report")
PE firm Tillman Global Holdings (TGH) is reportedly in touch with Vodafone Idea (Vi) to take operational control of the cash-strapped company after investing between Rs 35,000-52,800 crore.
The investment in the telecom company will take place after the central government provides a comprehensive package covering all the liabilities of Vi, including adjusted gross revenue (AGR), reported Economic Times.
A person familiarwith the development told the newspaper that TGH will assume the promoter status and take control of the firm from the existing promoters – Aditya Birla Group and the UK's Vodafone.
All you need to know about the proposed deal
The Indian government will remain the passive investor with a 49 per cent stake.
The investment company doesn't seek a waiver of all dues. It wants only a restructuring of the liabilities, providing breathing space to the company.
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The New York-based firm has submitted a proposal to the central government regarding the restructuring.
The person told the newspaper that the restructuring package sought by the firm would be conditioned on its investment, and its investment would be conditioned on the waiver package.
The deal may be finalised in the next few months if the government provides a relief package to Vodafone-Idea.
TGH is an investment firm that invests in sectors like digital infrastructure and energy transition infrastructure. Its chairman and chief executive, Sanjiv Ahuja, had led the turnaround of French giant Orange in the 2000s.
The company had discussed for 18 months an investment in Vodafone Idea. It, however, backed out when the firm decided to raise funds by selling shares to institutional investors.
The Supreme Court of India last month allowed the central government to reconsider the adjusted gross revenue over Vodafone-Idea's plea.
The company had moved the court, claiming that there were errors in the computation of AGR dues. It claims that these errors led to the duplication of entries, which resulted in additional AGR dues demands by DoT.