FIPB to consider Vodafone takeover

6 Dec 2013

India’s Foreign Investment Promotion Board (FIPB) is scheduled to consider UK-based Vodafone Group’s plans to buy out its partners in its Indian venture Vodafone India, the Economic Times writes, citing documents from the Department of Telecommunications (DoT). Vodafone Group has put forward a proposal to purchase the stakes of Analjit Singh and Piramal Enterprises for INR12.41 billion (USD201.45 million) and INR89 billion respectively to take full control of Vodafone India. The deal was approved by the DoT on 3 December, subject to approvals from the finance and the home ministries, as the watchdog noted a difference in the valuation of Piramal Enterprises’ 10.97% holding compared with Analjit Singh’s 24.65%.

India, Vodafone India