Vodafone gets cabinet approval for $ 1.6 bn deal to buy out its minority partners in India

Posted By: Religare
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Vodafone gets cabinet approval for $ 1.6 bn deal
Vodafone Group Plc won the cabinet's approval for its USD1.6 billion deal to buy out minority partners in its unit in the country, Information and Broadcasting Minister Manish Tewari said as per the PTI report.

Vodafone, which entered India in 2007 by buying Hutchison Whampoa's local cellular assets in a USD 11 billion deal, directly and indirectly owns a combined 84.5 per cent of Vodafone India, the country's No 2 telecoms company by users and revenue.

According to the report, Vodafone will buy an almost 11 per cent stake in the unit from Piramal Enterprises, and the remainder held by investors including Indian businessman Analjit Singh, to own 100 per cent of Vodafone India. The deal was cleared by the foreign investment regulator in December, but needed final approval from the cabinet.

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