Vodafone plans to seek FIPB nod to raise stake in Indian arm: Report

Vodafone plans to seek FIPB nod to raise stake in Indian arm
British telecom giant Vodafone Plc is planning to invest as much as USD 2 billion to raise its stake in Indian unit by buying out shares from minority shareholders, according to a Financial Times report.

The report said that Vodafone will file an application with India's foreign investment promotion board (FIPB) this month to seek its approval for the same.

However, Financial Times report said that Vodafone may not up its stake to 100 per cent in the Indian subsidiary even as Indian government recently allowed 100 per cent FDI in the telecom sector.

The report further added that the world's second largest telecom company is considering buying out shares from minority investors such as Ajay Piramal, who holds 11 percent stake in Vodafone India. Other minority shareholders include Analjit Singh, IDFC, among others.

Dion Global Solutions Ltd.

Read more about: fdi, vodafone, fipb, shares, shareholders, telecom
Story first published: Wednesday, October 9, 2013, 9:22 [IST]
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