February 6, 2014 / 1:47 PM / 3 years ago

Cabinet approves $1.6 billion Vodafone deal

1 Min Read

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

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

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