Cabinet approves $1.6 billion Vodafone deal

NEW DELHI Thu Feb 6, 2014 7:24pm IST

A man checks his mobile phone as he walks past a shop displaying the Vodafone logo on its shutter in Mumbai January 15, 2014. REUTERS/Danish Siddiqui

A man checks his mobile phone as he walks past a shop displaying the Vodafone logo on its shutter in Mumbai January 15, 2014.

Credit: Reuters/Danish Siddiqui

Related Topics

Stocks

   
Rajalakshmi (C), 28, smiles after winning the Miss Wheelchair India beauty pageant in Mumbai November 26, 2014. REUTERS/Danish Siddiqui

Miss Wheelchair India

Seven women from across India participated in the country's second wheelchair beauty pageant, which aims to open doors for the wheelchair-bound in modelling, film and television, according to organisers  Slideshow 

NEW DELHI (Reuters) - Vodafone Group Plc(VOD.L) 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 (0013.HK) local cellular assets in a $11 billion deal, directly and indirectly owns a combined 84.5 percent of Vodafone India, the country's No.2 telecoms company by users and revenue.

Vodafone will buy an almost 11 percent stake in the unit from India's Piramal Enterprises (PIRA.NS), and the remainder held by investors including businessman Analjit Singh, to own 100 percent of Vodafone India.

The deal was cleared by the foreign investment regulator in December, but needed final approval from the cabinet.

(Reporting by Nigam Prusty, Editing by Malini Menon)

FILED UNDER:

REUTERS SHOWCASE

E-Commerce Boom

E-Commerce Boom

Online grocers come up trumps in India's e-commerce boom   Full Article 

GDP, RBI Preview

GDP, RBI Preview

GDP growth set to weaken, business wants reforms more than rate cut  Read | Related 

Jaitley to Rajan

Jaitley to Rajan

Jaitley likely to meet Rajan on Monday to urge rate cut  Full Article 

Hughes Dies

Hughes Dies

Australia's Phil Hughes dies after being hit by ball  Full Article 

OPEC Meeting

OPEC Meeting

Low expectations for oil output cut  Full Article 

Jamini Roy

Jamini Roy

Photo Gallery – Bengali household name Jamini Roy’s paintings  Full Article 

Google in Europe

Google in Europe

Insight - Behind Google's Europe woes, American accents  Full Article 

India-focused Funds

India-focused Funds

India-focused hedge funds up over 40 pct YTD - HFR  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device  Full Coverage