New Delhi, Feb 6 IANS | 8 months ago

The union cabinet Thursday approved a proposal of British telecom major Vodafone to buy out minority shareholders in its Indian arm for Rs.10,141 crore (USD 1.7 billion) to raise its stake to 100 percent, an official statement said here.


"The approval would result in foreign investment of approximately Rs. 10,141 crore being received in the country," said the statement after a meeting of the Cabinet Committee on Economic Affairs.

In December 2013, the Foreign Investment Promotion Board (FIPB) approved a proposal of Vodafone Group Plc to increase its stake in the Indian holding to 100 percent.

Vodafone entered India in 2007 by buying Hutchison Whampoa's assets in a $11 billion deal. It directly owns 64.38 percent in its India unit.

In August 2013, India allowed 100 percent foreign direct investment (FDI) in telecommunications sector, which would facilitate players like Vodafone Group Plc to fully own their India units.

In October this year, Vodafone said it has filed an application with the FIPB to raise its stake in the Indian venture. The remaining stakes are with minority shareholders, which also includes industrialist Ajay Piramal who holds 11 percent.

(Posted on 06-02-2014)

Share This Page:


Post your comments


Information on States of India:

Andaman Nicobar | Andhra Pradesh | Assam | Bihar | Chandigarh | Chhattisgarh | Dadar Nagar Haveli | Daman Diu | Delhi | Goa | Gujarat | Haryana | Himachal Pradesh | Jammu Kashmir | Jharkhand | Karnataka | Kerala | Lakshadweep | Madhya Pradesh | Maharashtra | Manipur | Meghalaya | Mizoram | Nagaland | Orissa | Pondicherry | Punjab | Rajasthan | Sikkim | Tamil Nadu | Tripura | Uttar Pradesh | Uttaranchal | West Bengal

INDIA REGIONAL MAPS:

Andhra Pradesh Travel Map | Bihar Travel Map | Goa Travel Map | Gujarat Travel Map | Haryana Travel Map | Himachal Pradesh Map | Karnataka Travel Map | Kerala Travel Map | Maharashtra Travel Map | Punjab Travel Map | Rajasthan Travel Map | Sikkim Travel Map | Tamil Nadu Travel Map | Uttar Pradesh Travel Map | West Bengal Travel Map |

MORE MAPS OF INDIA:

Airports of India | Districts of India | India Pilgrim Centers | Tourism Map of India | National Highways in India | India Railway Routes |

INDIA CITY MAPS:

Ahmadabad | Bangalore | Chennai | Coimbatore | Delhi | Hyderabad/Secunderabad | Kochi | Kolkata | Mumbai | Pondicherry | Pune | Surat |

KERALA TRAVEL MAPS:

Alappuzha | Ernakulam | Idukki | Kannur | Kasaragod | Kollam | Kottayam | Kozhikode | Malappuram | Palakkad | Pathanamthitta | Thiruvananthapuram | Thrissur | Wayanad |