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PE firm TGH may invest $6B in Vodafone Idea
03 Nov 2025

Tillman Global Holdings (TGH), a US-based private equity firm, is in advanced talks to invest between $4 billion and $6 billion into Vodafone Idea (Vi), according to The Economic Times.

The investment could give TGH operational control of the beleaguered telecom operator.

However, the deal hinges on the Indian government's approval of a comprehensive relief package for Vi.

TGH taking over as promoter
Deal conditions

The proposed investment from TGH would cover all of Vi's liabilities, including those related to adjusted gross revenue (AGR) and spectrum payments.

If the government agrees to this relief package, a deal could be finalized within months.

TGH's proposal would give Vi some breathing space. If successful, this deal could see TGH take over as promoter, replacing existing promoters Aditya Birla Group and the UK's Vodafone.

Who is TGH?
Investment history

TGH is known for investing in high-growth sectors such as digital and energy transition infrastructure.

The firm's chairman and CEO, Sanjiv Ahuja, previously led the turnaround of French telecom giant Orange between 2003-2007.

TGH had earlier held talks for an investment in Vi for about 18 months but backed out when Vi opted to raise funds by selling shares to institutional investors last year.

Vi raised ₹24,000 crore last year
Financial challenges

Vi raised ₹24,000 crore through a mix of follow-on and preferential issues of shares last year. However, the funding wasn't enough to pull the company out of its financial woes.

The telco also failed to raise a planned ₹25,000 crore debt.

The government plans to bring in a strategic investor who can invest capital and run the telecom company.

Government stake to be diluted
Stake dilution

TGH's investment could give promoters a chance to dilute their stake and exit.

The government's stake would also be diluted at the time of investment, with an option to convert more financial dues into equity while keeping its stake below 49%.

Currently, the government owns a 48.99% stake in Vi after converting some past dues into equity.