HindustanTimes Fri,26 Dec 2014

Piramal to sell Vodafone India stake for $1.48bn

Reuters  New Delhi, April 10, 2014
First Published: 12:01 IST(10/4/2014) | Last Updated: 12:20 IST(10/4/2014)

Piramal Enterprises Ltd said on Thursday it agreed to sell an about 11% stake it owns in the Indian unit of Vodafone Group Plc to the British group for 89 billion rupees.

The deal is part of Vodafone's plan first announced last October to take full control of the unit for a total 101.41 billion rupees, following a change in rules allowing foreign companies to own up to 100% of Indian telecommunication carriers.

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% of Vodafone India, the country's No.2 telecoms company by users and revenue.

Vodafone received the cabinet's approval in February to buy stakes from its minority Indian partners -- Piramal and Indian businessman Analjit Singh.

Piramal had bought the 11% stake in Vodafone India in two tranches during the financial year to March 2012 for 58.64 billion rupees. It is selling the stake to Prime Metals Ltd, which it said is an indirect subsidiary of Vodafone Group.

Piramal shares rose as much as 7.1% after the announcement.

more from Business

Teetering SpiceJet to submit revival plan to govt today

SpiceJet is likely to submit a revival plan to the aviation ministry on Friday based on the proposed investment by a consortium of investors led by the airline’s co-founder Ajay Singh.
Most Popular
Copyright © 2014 HT Media Limited. All Rights Reserved