SBI-led group of banks to provide $3.5 billion of debt financing to Vi

•A group of lenders led by State Bank of India agreed to provide $3.5 billion in debt financing to Vodafone Idea Ltd.

•Union Bank of India and National Bank for Financing Infrastructure and Development are also part of the consortium.

•Vodafone Idea plans to use the funds to improve its network and compete with Bharti Airtel and Reliance Jio Infocomm.

•Kumar Mangalam Birla will remain chairman throughout the 10-year loan tenure with guarantees for repayment.