08042015Wed

Last updateTue, 07 Apr 2015 11pm

#CONTROL: Vodafone buys out Indian partners in $1.5 billion deal

Britain's Vodafone Group said it expected to close on Friday a deal to buy an 11 percent stake in its Indian business from minority partner Piramal Enterprises, giving it full ownership.

Piramal said on Thursday it had agreed to sell its 11 percent stake to the British group for $1.5 billion.

A Vodafone spokesman separately said the group had already completed a transaction to buy about a 4.5 percent stake in the business from Indian businessman Analjit Singh.

The deals are part of Vodafone's plan announced last October to take full control of Vodafone India following a rule change allowing foreign carriers to fully-own their Indian subsidiaries.

Vodafone, which entered India in 2007 by buying Hutchison Whampoa's 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.

Piramal had bought the 11 percent stake in Vodafone India in two tranches during the financial year to March 2012.  It is selling the stake to Prime Metals Ltd, which it said is an indirect subsidiary of Vodafone Group.

BLOG COMMENTS POWERED BY DISQUS

 

Related Articles

Photo Gallery- Featured

Diwan Rahul Nanda

"#BallsOfSteel: Diwan Rahul Nanda - The man who threw the cat among the pigeons"

The wealthy come in a myriad different guises – Gopichand Hinduja looks like the unmarried uncle everyone ignores; Lalit Modi looks like a character from the Indian version of ‘Only Fools and Horses’ whilst Narayan Murthy looks like a bored tax collector on the verge of retirement.

  • latest Post

  • Most Read

  • Events

Addmotor Electric Bike| Electric bike shop / electric bicycle shop Electric bike review| Electric trike| Fat tire electric bike| Best electric bike| Electric bicycle/E bike| Electric bikes for sale| Folding electric bike| Electric mountain bike| Electric tricycle Mid drive electric bike| Juiced Bikes Pedego Rad-Power

Tomtop| Online shop| Online Einkaufen

地產代理/物業投資| 租辦公室/租寫字樓| 地產新聞| 甲級寫字樓/頂手| Grade A Office| Commercial Building / Office building| Hong Kong Office Rental| Rent Office| Office for lease / office leasing| Office for sale| Office relocation

DecorCollection European design furniture| sofa hk| sofas| beds| coffee tables| dining tables| dining chairs| sideboards| furniture hk| Cattelan Italia| Koinor

International schools hong kong| Wycombe Abbey| private school hong kong| English primary school Hong Kong| primary education| boarding school Hong Kong| Wycombe Abbey School

邮件营销| 電郵推廣| 邮件群发软件| Email Marketing| 搜尋引擎優化 SEO

QR code scanner| inventory management system| labelling| Kiosk| warehouse management|