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
- Ukraine seeks to join NATO; defiant Putin compares Kiev to Nazis
- Comedian Joan Rivers remains in serious condition at N.Y. hospital
- UPDATE 4-Iceland says eruption over, lifts all airspace restrictions
- UPDATE 2-U.S. slaps more sanctions on Iranian banks, firms
- U.S. strikes have slowed Iraq militants but not weakened them - Pentagon
India's economy grew by a faster-than-expected 5.7 percent in the three months through June, its fastest pace in two-and-a- half years, helped by a rebound in manufacturing and mining sectors, government data showed on Friday. Full Article
Exclusive: Reliance plans $13 billion projects including new refinery. Full Article
In race for bigger margins, drug makers willing to lose the India "advantage". Full Article