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India's Vodafone Idea to raise up to $3bn in fight for survival

Attention turns to prospect of tie-up with strategic investor after huge payment burden

Vodafone Idea has been the hardest hit of Indian telecoms ordered to pay years of back fees to the government.   © Reuters

MUMBAI -- Vodafone Idea, India's third largest telecom company, plans to raise up to 250 billion rupees ($3.41 billion) through a mix of equity and debt to build a war chest needed to compete with Reliance Jio Infocomm and Bharti Airtel.

The announcement follows a Supreme Court order on Tuesday that directed telecoms including Bharti Airtel and Vodafone Idea to pay back dues to the government within 10 years. Vodafone Idea, the most affected by the judgment, owes over 504 billion rupees in spectrum usage and other charges to the government.

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