Punjab Nationwide Financial institution (PNB) has reportedly declined Vodafone Concept’s (Vi) request for contemporary lending, mentioned the financial institution’s Managing Director and Chief Government Officer, Atul Kumar Goel, in line with a Enterprise Customary report, including that the chance will solely come up if the corporate will get AAA ranking.
Additionally Learn: Banks Hesitant to Lend to Vodafone Concept Following Supreme Courtroom Ruling: Report
PNB Denies Recent Lending to Vodafone Concept
“We acquired a written request from Vi, which now we have denied. Nevertheless, if any telecommunications firm achieves a AAA ranking, we might contemplate lending to them,” Goel mentioned, in line with media report.
Energy Finance Corp and REC Additionally Reject Mortgage Proposal
Lately, Energy Finance Corp (PFC) and its subsidiary, Rural Electrification Corp (REC), additionally reportedly rejected Vodafone Concept’s long-term mortgage proposal, citing mismatches with inside underwriting tips and considerations concerning the collateral provided.
“We evaluated the proposal completely and located that it didn’t meet our inside evaluation, standards and insurance policies, and so now we have conveyed to them just a few weeks in the past that we won’t be able to think about this mortgage,” REC’s chairman reportedly mentioned, in line with an earlier report.
Additionally Learn: Vodafone Concept Faces Setback as PFC and REC Decline Mortgage Request: Report
Regardless of current offers with distributors for 4G and 5G gear, the dearth of funding may hinder Vi’s aggressive edge towards operators like Reliance Jio and Airtel.
