New York-based non-public fairness agency Tillman World Holdings (TGH) is in discussions to take a position USD 4–6 billion (Rs 35,000–52,800 crore) in Vodafone Thought (Vi) and assume operational management of the financially burdened telecom operator, in line with a November 3, 2025, Financial Occasions report by Kiran Rathee, citing folks conversant in the matter.
TGH Eyes Main Stake and Administration Management in Vi
The proposed funding is contingent upon the federal government extending a complete aid package deal that addresses Vi’s liabilities, together with these associated to adjusted gross income (AGR) and spectrum funds. TGH just isn’t searching for an entire waiver however a restructuring of dues to supply the corporate with monetary respiratory house, the sources stated.
“If the deal occurs, TGH will take the promoter standing and take management from current promoters Aditya Birla Group and UK’s Vodafone,” one of many individuals stated, in line with the report. The federal government, which holds a 48.99 p.c stake in Vi following a debt-to-equity conversion, is predicted to stay a passive minority shareholder, the individual [he] added.
Reduction Bundle Key to Proposed Funding Deal
The funding proposal, submitted to the federal government, is linked to the aid measures being finalised. “The proposal from TGH can be along with the dues being resolved. The restructuring package deal sought by the agency can be conditioned on its funding and its funding can be conditioned on the waiver package deal,” the individual reportedly added.
In case the federal government gives a aid package deal to Vi, a deal could also be finalised within the coming months. “From the federal government’s perspective, it isn’t about simply offering a waiver, however how can a waiver be given along with bringing funding and operational experience,” stated one other individual concerned within the discussions, in line with the report.
TGH Brings World Telecom Turnaround Experience
TGH, which focuses on digital and vitality transition infrastructure, has important expertise in telecom operations. Its chairman and chief government, Sanjiv Ahuja, is credited with turning round French telecom main Orange between 2003 and 2007. The agency has investments in telecom infrastructure, together with fibre and tower property throughout international locations.
The corporate had beforehand engaged in talks with Vi for over a yr however withdrew when the telco opted for a public share sale final yr. With Vi nonetheless struggling to safe funding, discussions have resumed in latest months. The telco had raised Rs 24,000 crore final yr via a mixture of follow-on and preferential share points however failed to lift the extra Rs 25,000 crore in debt it had deliberate.
An funding by TGH would permit current promoters to dilute their stakes and supply the federal government a chance to take care of its holding beneath 49 p.c by changing extra dues into fairness. At present, the Aditya Birla Group and Vodafone Plc maintain 9.50 p.c and 16.07 p.c, respectively.
Vodafone Thought’s Wrestle for Survival Continues
Vodafone Thought urgently requires a monetary lifeline because it faces reimbursement obligations for 1000’s of crores in AGR dues by the tip of this fiscal yr. Though the Supreme Courtroom lately provided partial aid to the operator, uncertainty stays over whether or not the order applies to all dues or solely to an extra demand of round Rs 9,000 crore.
The Division of Telecommunications (DoT) has been evaluating a number of choices to supply aid on Vi’s excellent regulatory dues of Rs 84,000 crore, together with curiosity and penalties, after the corporate expressed its incapacity to pay.
If the federal government approves a restructuring plan, the TGH funding may very well be finalised within the coming months, probably giving the cash-strapped telco a much-needed turnaround alternative.
