India’s Piramal Enterprises has agreed to sell its 11% stake in Vodafone India to UK-based Vodafone Group for INR89 billion (USD1.48 billion), Reuters writes. Vodafone announced its intention to take full control of its Indian unit in October last year following changes to rules regarding foreign direct investment (FDI) in the telecoms sector, which lifted the maximum holding a foreign company could own in a telco from 74% to 100%. As previously noted by CommsUpdate, the UK group’s plans to snap up the shares of Vodafone India’s minority stakeholders were postponed in November 2013 after encountering delays in receiving permission for the transaction from the Foreign Investment Protection Board (FIPB) and the cabinet. Vodafone finally received the green light for the takeover in February this year.
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