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Vodafone Essar to tap overseas market for $500 million
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Posted 26 November 2007 @ 07:01 am GMT
The Indian unit of Vodafone Group Plc plans to raise an overseas loan of about $500 million, the Business Standard reported on Sunday, quoting an unnamed company source.
A Japanese woman is seen passing Vodafone's logo in Tokyo in this March 17, 2006 file photo. The Indian unit of Vodafone Group Plc plans to raise an overseas loan of about $500 million, the Business Standard reported on Sunday, quoting an unnamed com...
The company was raising funds for "routine refinancing," a senior company official told Reuters. He did not give more details.
The Business Standard quoted sources close to the development as saying the funds would be used for the firm's expansion plans.
Vodafone, the world's largest cell phone group by revenue, has a controlling stake in one of India's top mobile phone operators, Vodafone Essar.
This article is copyrighted by Reuters.
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