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Vodafone buys rest of Vodafone India

2014-04-11 08:50:00| Telecompaper Headlines

(Telecompaper) Vodafone has acquired the remaining 11 percent in Vodafone India from Piramal Industries. The company raised its stake last month already with the acquisition of indirect equity interests held by Analjit Singh and Neelu Analjit Singh, taking it to 89.03 percent of Vodafone India. The combined cash consideration for both transactions was  for INR 101.4 billion (GBP 1.0 billion). India's Foreign Investment Promotion Board approved both acquisitions on 20 February, following approval of the Cabinet Committee on Economic Affairs. Since Vodafone acquired its original interest in India from Hutchison in 2007, the operator's customer base has grown around 550 percent, from 30 million to just over 164 million customers. Its network covers 83 percent of the country. 

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