Cabinet approves $1.6 billion Vodafone deal
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)
- Tweet this
- Share this
- Digg this
- UPDATE 6-Islamic State issues video of beheading of U.S. hostage
- Apple says its systems not to blame for celebrity photo breach
- UPDATE 3-Apple says its systems not to blame for celebrity photo breach
- Ukraine steelmen hold their ground as frontline marches towards port
- UPDATE 1-Girl who fatally shot Arizona gun instructor said weapon was too powerful
The BSE Sensex on Tuesday breached the psychologically key level of 27,000 points for the first time to hit its third consecutive record high as blue-chips such as HDFC Bank gained after recent data raises hopes about the economy. Full Article
100 days of Modi: Good for business, not so good for marginalised groups. Full Article