Vodafone-Essar to raise $2.04 Billion
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Bangalore: GSM player Vodafone-Essar is looking to raise $2.04 billion (around Rs 10,000 crore) bridge loan for its general corporate purposes. To raise the fund, the company has appointed SBI Capital Markets, which has been talking to various public sector banks in this regard, sources close to the development said. The company has also announced the retirement of its Managing Director Asim Ghosh, who will be replaced by Marten Pieters, former CEO of Celtel International. The funds, proposed to be raised within two months, will be used for expansion of infrastructure and network, bidding for 3G spectrum and for other purposes. Vodafone has a subscriber base of over 63 million and operations across 21 circles (of the total 22) in India. Separately, the company said that Ghosh would continue as a non-executive member on the board after his retirement effective March 31. "We started on a ride in Mumbai in 1998. We never realized then what a roller coaster it would be. Over ten years later today, serving tens of millions of subscribers, with a fabulous team, a great brand, a company with a great future, it's been a ride I wouldn't exchange for anything else! With Marten, the company will be in great hands," Ghosh said.

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