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Idea Cellular raises $215 million from EDC: Report

In order to restructure its long-term debt and lower finance costs, Idea Cellular has reportedly raised $215 million in debt from Export Development Canada (EDC). The latest financing deal with Idea Cellular is part of EDC’s growing engagement with Indian Inc. It currently has a $4-billion exposure to Indian companies and plans to double the figure in next five years.

Idea Cellular, an AV Birla group company, provides Global System for Mobile communications (GSM)-based wireless service at the pan-India level. At the end of Q4FY17, Idea had a net debt of Rs 50072.1 crore compared with Rs 49,138.2 crore in the previous quarter. The company is in the middle of its merger process with Vodafone India.

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