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Vodafone Essar raises Rs 10,000cr loan, may part-use it for 3GNew Delhi, Apr 17, 2009 (Asia Pulse Data Source via COMTEX) -- Vodafone Essar, the telecom joint venture between UK-based mobile major Vodafone and Essar group, has raised a debt of about Rs 10,000 crore from State Bank of India to fund network expansion plans, including for bidding for 3G licences when they will be auctioned. "We will use the loan for various business purposes," a spokesperson of Vodafone Essar told PTI today. Sources said the loan, which was raised last month, will be used for network rollout, broadband and wireless operations and some of it would be reserved for 3G spectrum auction. The loan is spread over five years. Vodafone has a pan-india licence. After abandoning the move for auction of spectrum required for starting new generation telecom services or 3G, twice, it is possible that the new government may take it up after the general elections in May. The All-India reserve price of 3G spectrum is under the consideration of a ministerial panel now and it is looking at three suggestions where the bid price varies from Rs 2,020 crore to Rs 4,040 crore. But, Airtel continues to be the largest telco as its total customer base has now crossed the 94 million mark. Bharti also commands 33 per cent market share in the GSM space as against Vodafone Essars 24 per cent. Vodafone has mobile customer base of about 69 million users. |