Vodafone Idea reached what it called a mega deal with Nokia, Ericsson and Samsung to source $3.6 billion worth of network equipment over the next three years.

In a stock market filing, the operator explained the agreement with the vendors marks “the first step towards the rollout of the company’s transformative three-year capex plan of $6.6 billion”, noting the funds will be used to take 4G population coverage from 1.03 billion to 1.2 billion, launch 5G in key markets and expand capacity to meet data growth.

CEO Akshaya Moondra stated: “Nokia and Ericsson have been our partners since our inception, and this marks another milestone in that continuing partnership. We are pleased to start our new partnership with Samsung.”

The filing noted capex is being funded from its move in April and May to raise INR240 billion ($4.4 billion) in equity. For its long-term capex, the company said it is in advanced discussions with existing and new lenders to secure new funding.

In April, the operator unveiled plans to deploy 10,000 5G sites across 17 service areas in the current fiscal year (ending 31 March 2025) and another 12,000 in fiscal 2026.

The debt-laden company in June agreed to give Nokia and Ericsson equity stakes valued at INR24.6 billion to settle outstanding payments, granting them 1.5 per cent and 0.9 per cent interests, respectively.

The operator acquired spectrum valued at INR35.1 billion in a 5G auction in June.