Tillman Global Holdings (TGH) has reportedly offered to buy out stakes of Aditya Birla Group and Vodafone Plc in Vodafone Idea (Vi).
The move comes as Vi awaits fresh government relief measures after the Supreme Court’s verdict on its AGR dues.
TGH has proposed investing up to $6 billion (₹52,800 crore) in Vi to gain operational control, subject to certain conditions.
As Vodafone Idea (Vi) awaits new government relief measures following a Supreme Court verdict on its adjusted gross revenue (AGR) dues, a new player appears to have entered the scene. New York-based private equity firm Tillman Global Holdings (TGH) has reportedly submitted a plan to buy out the telecom company’s current promoters — Aditya Birla Group and Vodafone Plc.
According to The Economic Times, the Sanjiv Ahuja-led investment firm has submitted a proposal to the government to invest up to $6 billion (around ₹52,800 crore) in Vodafone Idea to take operational control of the company, which continues to struggle with AGR liabilities. However, the proposal is conditional.
TGH is seeking a comprehensive relief package from the government covering all of Vi’s liabilities, including dues related to AGR and spectrum payments. The report notes that the proposal does not ask for a complete waiver but rather a restructuring plan to ease the company’s financial burden.
A deal could move forward in the coming months if the government agrees to extend financial support to Vodafone Idea.
The report comes just days after the Supreme Court of India allowed the government to provide relief to Vi, which had over ₹83,400 crore in pending AGR dues as of end-March 2025. Repayments are scheduled to begin from March 2026.
Earlier this year, the Department of Telecommunications (DoT) demanded an additional ₹9,450 crore in dues, ₹2,774 crore against the Idea Group and post-merger Vodafone Idea and ₹6,675 crore against Vodafone Group for the pre-merger period. The Supreme Court’s order followed Vi’s challenge to this DoT demand. In response, the government has pledged to find a 'final' solution to the decade-long legal and financial dispute.
According to ET, officials said the government’s focus is on linking any relief package to fresh investment and operational expertise rather than offering a standalone waiver.
It is worth noting that the Union government has already provided two relief packages to telecom companies by converting parts of their dues into equity. It is currently the largest shareholder in Vodafone Idea, holding a 48.99% stake, though it does not have promoter status.
What’s in It for TGH?
TGH focuses on high-growth sectors such as digital and energy transition infrastructure. Its chairman and CEO, Sanjiv Ahuja, is credited with turning around French telecom major Orange between 2003 and 2007. The firm also holds investments in telecom infrastructure, including fibre and tower assets, across several countries.
TGH had reportedly explored investing in Vodafone Idea about 18 months ago, according to ET, but stepped back when the telco opted to raise funds by issuing shares to institutional investors last year. Discussions have since resumed.
An investment from TGH could provide an exit route for the existing promoters, whose stakes would be diluted after the deal. The government’s shareholding would also reduce, though it would retain the option to convert additional dues into equity while keeping its stake below 49%.
Currently, the government holds 48.99% in Vodafone Idea, while the Aditya Birla Group and Vodafone Group Plc own 9.50% and 16.07%, respectively.
