Vodafone Group Plc won the cabinet’s approval for its $1.6 billion deal to buy out minority partners in its unit in the country, Information and Broadcasting Minister Manish Tewari said on Thursday.
Vodafone, which entered India in 2007 by buying Hutchison Whampoa’s local cellular assets in a $11 billion deal, directly and indirectly owns a combined 84.5 per cent of Vodafone India, the country’s No.2 telecoms company by users and revenue.
Vodafone will buy an almost 11 per cent stake in the unit from India’s Piramal Enterprises, and the remainder held by investors including businessman Analjit Singh, to own 100 per cent of Vodafone India.
The deal was cleared by the foreign investment regulator in December, but needed final approval from the cabinet.
Leave Your Comment
5 years ago
Vodafone Group Plc has sought approval from the authorities to raise its stake...
4 years ago
Ajay Piramal-led Piramal Enterprises has agreed to divest its entire 11 per cent...
7 years ago
Cash-rich pharmaceutical firm Piramal Healthcare Ltd, which is fast changing its...