India, Sept. 5 -- According to a media report, the Government of India is scouting for a "White Knight" to rescue the telecom firm, Vodafone-Idea! or VI, which faces imminent collapse and bankruptcy despite generous bailouts by the telecom ministry. It seems that the Government has initiated talks with both the domestic and foreign investors to pump in about $1 billion into the flailing company to pick up a 13-14 per cent stake. Typical of such news reports, the sources are anonymous but the overall story appears credible.

The total debt of VI is more than '2.3 lakh crore, and repayments will be due soon. With the subscribers' base collapsing and revenues plunging, there is no way that the company can service those debts as things stand ...