US PE Giant TGH In Talks To Invest Up To $6 Billion In Vodaf...

US PE Giant TGH In Talks To Invest Up To $6 Billion In Vodafone Idea

Private equity firm Tillman Global Holdings (TGH) is in advanced discussions to invest $4–6 billion (Rs 35,000–52,800 crore) in Vodafone Idea (Vi) and assume operational control of the loss-making telecom operator, The Economic Times reported, citing people familiar with the talks. However, the investment will only proceed if the government offers a comprehensive support package addressing all of Vi’s liabilities, including AGR dues and spectrum payments, according to the report. “If the deal happens, TGH will take promoter status and take control from existing promoters Aditya Birla Group and Vodafone Plc,” one person told ET, adding that the government, which holds nearly 49% in Vi, would remain a passive minority investor. The New York–based PE firm is not seeking a full waiver of dues but wants a restructuring package to give the telco breathing space, sources told ET. The firm has submitted a detailed proposal to the government, and both the investment and relief package are expected to be contingent on each other. Talks have reportedly resumed after TGH walked away last year when Vi chose to raise funds via institutional share sales. Vi had raised Rs 24,000 crore last year but has struggled to secure the planned Rs 25,000 crore debt. According to ET, an investment by TGH would result in the dilution of existing promoter stakes, with the government likely maintaining a holding below 49% through the conversion of dues over time into equity. Currently, the government owns 48.99%, while Aditya Birla Group and Vodafone Plc hold 9.50% and 16.07%, respectively. The telco faces a critical deadline at the end of this fiscal year, when repayment of AGR dues is due to begin. ET noted that while the Supreme Court recently offered some relief, ambiguity remains on whether it covers the full AGR liability or only an additional Rs 9,000 crore demand. The Department of Telecommunications has earlier explored options to ease Vi’s Rs 84,000 crore regulatory dues after the company cited its inability to pay. TGH specialises in digital and energy transition infrastructure and is led by Sanjiv Ahuja, credited with turning around France’s Orange telecom between 2003–07. The firm has previously evaluated Vi for 18 months before pulling back, and has investments in fibre and tower assets globally.

Private equity firm Tillman Global Holdings (TGH) is in advanced discussions to invest $4–6 billion (Rs 35,000–52,800 crore) in Vodafone Idea (Vi) and assume operational control of the loss-making telecom operator, The Economic Times reported, citing people familiar with the talks.
However, the investment will only proceed if the government offers a comprehensive support package addressing all of Vi’s liabilities, including AGR dues and spectrum payments, according to the report.
“If the deal happens, TGH will take promoter status and take control from existing promoters Aditya Birla Group and Vodafone Plc,” one person told ET, adding that the government, which holds nearly 49% in Vi, would remain a passive minority investor.
The New York–based PE firm is not seeking a full waiver of dues but wants a restructuring package to give the telco breathing space, sources told ET. The firm has submitted a detailed proposal to the government, and both the investment and relief package are expected to be contingent on each other.
Talks have reportedly resumed after TGH walked away last year when Vi chose to raise funds via institutional share sales. Vi had raised Rs 24,000 crore last year but has struggled to secure the planned Rs 25,000 crore debt.
According to ET, an investment by TGH would result in the dilution of existing promoter stakes, with the government likely maintaining a holding below 49% through the conversion of dues over time into equity. Currently, the government owns 48.99%, while Aditya Birla Group and Vodafone Plc hold 9.50% and 16.07%, respectively.
The telco faces a critical deadline at the end of this fiscal year, when repayment of AGR dues is due to begin. ET noted that while the Supreme Court recently offered some relief, ambiguity remains on whether it covers the full AGR liability or only an additional Rs 9,000 crore demand.
The Department of Telecommunications has earlier explored options to ease Vi’s Rs 84,000 crore regulatory dues after the company cited its inability to pay.
TGH specialises in digital and energy transition infrastructure and is led by Sanjiv Ahuja, credited with turning around France’s Orange telecom between 2003–07. The firm has previously evaluated Vi for 18 months before pulling back, and has investments in fibre and tower assets globally.