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
- Alibaba surges 38 pct on massive demand in market debut
- UPDATE 3-Ebola lockdown brings Sierra Leone capital to a halt
- Eight bodies found after attack on Guinea Ebola education team
- UPDATE 9-Scots spurn independence in historic vote, devolution battle begins
- Scots spurn independence in historic vote, devolution battle begins
India has capped the prices of 36 drugs, including those used to treat infections and diabetes, in its latest move to make essential medicines more affordable, a senior official of the country's drug pricing authority told Reuters on Friday. Full Article
Top rice exporter India importing over 100,000 T on temporary supply squeeze. Full Article