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Last updateTue, 17 Mar 2015 2pm

Vodafone planning $2 billion investment in India subsidiary - FT

British mobile phone giant Vodafone is to invest up to $2 billion to buy out minority shareholders in the company's Indian subsidiary, the Financial Times reports.

Vodafone will file an application this month with India's foreign investment promotion board to seek clearance for the investment.

The FT said the size of the investment suggested that the world's second-largest telecoms operator will not increase its stake to 100 percent.

In July, India approved raising the foreign investment limit in the telecom sector to 100 percent from 74 percent in a bid to lure overseas capital as domestic growth flagged and the Indian rupee depreciated rapidly.

The FT said Vodafone is considering buying out some minority investors including billionaire industrialist Ajay Piramal, who holds 11 percent stake in Vodafone India.

Vodafone owns about 64 percent of Vodafone India, while 25 percent is controlled by undisclosed minority shareholders, who are understood to include Analjit Singh, chairman of Vodafone India, the FT said.

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