Date:20/09/11
The Indian government Monday partly approved Vodafone Group PLC's application to raise its stake in its local venture as part of a deal in which the British telecommunications major agreed to buy out its local Indian partner.
Since the transaction is between non-resident companies, there is no foreign equity inflow, India's Ministry of Finance said in a press release, referring to one of the applications.
However, the government deferred ruling on another application by Vodafone Essar Ltd. to transfer shares from a resident entity to a non-resident firm, the press release said, without elaborating.
Earlier this year, Vodafone agreed to buy out local partner Essar Group's 33% stake in Vodafone Essar for about $5.46 billion. The Essar Group had held a 22% stake through Mauritius-based Essar Telecom India Ltd. and a further 11% through Indian-registered Essar Telecommunications Holdings Pvt. Ltd.Vodafone had asked for approval to the transactions related to the transfer of shares in the Indian venture Vodafone Essar Ltd. from Mauritius-based Essar Communications Ltd., and Essar Com Ltd. to Euro Pacific Securities Ltd., an indirect subsidiary of Vodafone International Holdings B.V., the press release said.
India partly approves Vodafone stake hike in local unit
The Indian government Monday partly approved Vodafone Group PLC's application to raise its stake in its local venture as part of a deal in which the British telecommunications major agreed to buy out its local Indian partner.Since the transaction is between non-resident companies, there is no foreign equity inflow, India's Ministry of Finance said in a press release, referring to one of the applications.
However, the government deferred ruling on another application by Vodafone Essar Ltd. to transfer shares from a resident entity to a non-resident firm, the press release said, without elaborating.
Earlier this year, Vodafone agreed to buy out local partner Essar Group's 33% stake in Vodafone Essar for about $5.46 billion. The Essar Group had held a 22% stake through Mauritius-based Essar Telecom India Ltd. and a further 11% through Indian-registered Essar Telecommunications Holdings Pvt. Ltd.Vodafone had asked for approval to the transactions related to the transfer of shares in the Indian venture Vodafone Essar Ltd. from Mauritius-based Essar Communications Ltd., and Essar Com Ltd. to Euro Pacific Securities Ltd., an indirect subsidiary of Vodafone International Holdings B.V., the press release said.
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