For Quick Alerts
For Daily Alerts

Cabinet to consider Vodafone's Rs 10,141 cr FDI proposal today: Media Report

By Religare
Cabinet to consider Vodafone's Rs 10,141 cr FDI proposal today: Media Report
The Cabinet will consider UK-based telecom player Vodafone's Rs 10,141 crore foreign investment proposal to buy out minority shareholders in its Indian arm today, said the PTI report.

The proposal of CGP India Investment Ltd for increasing foreign equity in Vodafone India Ltd is listed on the agenda for the meeting of Cabinet Committee on Economic Affairs, said the report.

The Foreign Investment Promotion Board had on December 30, 2013, cleared the proposal of CGP India, an indirect Mauritian subsidiary of Vodafone International Holdings BV, to hike stake to 100 per cent from the present 64.38 per cent.

Since the proposal was worth more than Rs 1,200 crore it had to be referred to the Cabinet. The telecom major, which holds a 64.38 per cent stake in the Indian unit, will buy remaining outstanding shares from minority shareholders like Ajay Piramal and Analjit Singh.

Piramal holds an 10.97 per cent stake in India's second- largest telecom company by subscribers, while Singh, who is Vodafone India's non-executive chairman, holds 24.65 per cent.

Vodafone Group Plc will pay Analjit Singh Rs 1,241 crore and Piramal Enterprises Rs 8,900 crore for their stakes in Vodafone India as part of the proposal.

Dion Global Solutions Ltd.

Read more about: vodafone ccea fdi investment
Company Search
Get Instant News Updates
Notification Settings X
Time Settings
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X
We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more