Vodafone Idea's request for a long-term loan of Rs 25,000 crore has been declined by Power Finance Corporation (PFC) and Rural Electrification Corp (REC). The lenders stated that their internal underwriting guidelines were not met and there was insufficient collateral. They have asked for additional corporate guarantees to protect against potential defaults.
PFC and REC primarily focus on infrastructure and power-related projects, which further complicates Vodafone Idea's financial situation.