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News Roundup: Vodafone seeks nod to up stake in Indian arm for $2.7B

08 October, 2013

British telecom giant Vodafone is learnt to have applied to government for raising its stake in its Indian arm to 100 per cent at an estimated $2.7 billion (Rs 16,600 crore). Industry sources said today Vodafone has applied to Foreign Investment Permission Board (FIPB) for permission to raise its stake in Vodafone India from 74% to 100%. Vodafone has raised its stake to 74% in Vodafone Essar Ltd (VEL) by buying shares of Essar in the company in 2011. The British major bought Essar’s 33% stake in VEL for $5.46 billion in July, 2011. Vodafone transferred 1.35% stake to an Indian investor to remain compliant with the existing sectoral FDI norms. Piramal Healthcare in August, 2011 bought 5.5% stake in the Vodafone India for about Rs 2,900 crore. () 

IndianOil is sole bidder for govt stake in Haldia Petro: Earlier five companies – IndianOil, GAIL, ONGC, Cairn and Reliance Industries – were qualified to take part in the biding process which closed on Monday afternoon. The state-owned companies previously decided to submit bids in consortium. However, a last minute change in guidelines by the state in this regard led with withdrawal of ONGC and GAIL from the race. Reliance which had shown sufficient interest in the initial rounds, had objections to state’s decision to received bids in sealed envelope. (Business Line) 

JSPL in talks to buy 1,320-Mw power project in Andhra Pradesh: Jindal Steel and Power (JSPL) is known to be in talks to purchase a 1,320-megawatt coal-based power plant at Nellore, Andhra Pradesh, that belongs to Hyderabad-based Kineta Power. While the value of the deal is not known, sources said the cost of setting up the power plant is Rs 5,000 crore. The project, which is currently under implementation, has already received forest and defence clearance. The company has already signed a power purchase agreement with the Tamil Nadu government to sell 400 Mw. Jindal Power has also signed a memorandum of understanding with the government of Jharkhand to set up a 2,640-Mw coal-based power plant. (Business Standard)

Courtesy: VCCEdge

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News Roundup: Vodafone seeks nod to up stake in Indian arm for $2.7B

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