Piramal looks to exit Vodafone India

10 May 2013

India’s Piramal Enterprises is looking to sell its 11% stake in wireless operator Vodafone India next year, Reuters cites Piramal chairman Ajay Piramal as saying. The company purchased the shareholding from Essar Telecom India in two tranches in August 2011 and February 2012 for a total of approximately INR59 billion (USD1.091 billion). Piramal has agreements in place with majority shareholder in the cellco, UK’s Vodafone Group, for its exit from the company. Piramal has the option to sell its shares through participation in an initial public offering (IPO), although if the company opts not to participate or an IPO has not been held by February 2014, Piramal may sell its shareholding to Vodafone Group for an aggregate price of between INR70 billion and INR83 billion.

India, Vodafone Group, Vodafone India