Tillman Global Holdings in Talks to Invest USD 4–6 Billion in Vodafone Idea: Report

New York-based private equity firm Tillman Global Holdings (TGH) is in discussions to invest USD 4–6 billion (Rs 35,000–52,800 crore) in Vodafone Idea (Vi) and assume operational control of the financially stressed telecom operator, according to a November 3, 2025, Economic Times report by Kiran Rathee, citing people familiar with the matter.

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TGH Eyes Major Stake and Management Control in Vi

The proposed investment is contingent upon the government extending a comprehensive relief package that addresses Vi’s liabilities, including those related to adjusted gross revenue (AGR) and spectrum payments. TGH is not seeking a complete waiver but a restructuring of dues to provide the company with financial breathing space, the sources said.

“If the deal happens, TGH will take the promoter status and take control from existing promoters Aditya Birla Group and UK’s Vodafone,” one of the persons said, according to the report. The government, which holds a 48.99 percent stake in Vi following a debt-to-equity conversion, is expected to remain a passive minority shareholder, the person [he] added.

Relief Package Key to Proposed Investment Deal

The investment proposal, submitted to the government, is linked to the relief measures being finalised. “The proposal from TGH would be in conjunction with the dues being resolved. The restructuring package sought by the firm would be conditioned on its investment and its investment would be conditioned on the waiver package,” the person reportedly added.

In case the government provides a relief package to Vi, a deal may be finalised in the coming months. “From the government’s perspective, it’s not about just providing a waiver, but how can a waiver be given in conjunction with bringing investment and operational expertise,” said another person involved in the discussions, according to the report.

TGH Brings Global Telecom Turnaround Expertise

TGH, which focuses on digital and energy transition infrastructure, has significant experience in telecom operations. Its chairman and chief executive, Sanjiv Ahuja, is credited with turning around French telecom major Orange between 2003 and 2007. The firm has investments in telecom infrastructure, including fibre and tower assets across countries.