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.
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.
The company had previously engaged in talks with Vi for over a year but withdrew when the telco opted for a public share sale last year. With Vi still struggling to secure funding, discussions have resumed in recent months. The telco had raised Rs 24,000 crore last year through a mix of follow-on and preferential share issues but failed to raise the additional Rs 25,000 crore in debt it had planned.
An investment by TGH would allow existing promoters to dilute their stakes and provide the government an opportunity to maintain its holding below 49 percent by converting additional dues into equity. Currently, the Aditya Birla Group and Vodafone Plc hold 9.50 percent and 16.07 percent, respectively.
Vodafone Idea's Struggle for Survival Continues
Vodafone Idea urgently requires a financial lifeline as it faces repayment obligations for thousands of crores in AGR dues by the end of this fiscal year. Although the Supreme Court recently offered partial relief to the operator, uncertainty remains over whether the order applies to all dues or only to an additional demand of around Rs 9,000 crore.
The Department of Telecommunications (DoT) has been evaluating several options to provide relief on Vi’s outstanding regulatory dues of Rs 84,000 crore, including interest and penalties, after the company expressed its inability to pay.
If the government approves a restructuring plan, the TGH investment could be finalised in the coming months, potentially giving the cash-strapped telco a much-needed turnaround opportunity.
