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Vodafone to buy rest of Indian operation for INR 101 bln

2013-10-30 09:06:00| Telecompaper Headlines

(Telecompaper) Vodafone has asked the Indian government for permission to raise its stake in its local unit to 100 percent. Vodafone made the request to the Foreign Investment Promotion Board, Bloomberg reports. The price for the additional 15.5 percent stake in Vodafone India is about INR 101.4 billion (USD 1.65 billion), implying a total value for the India subsidiary of INR 654.2 billion. Vodafone already owns 64.4 percent directly and 20.1 percent through subsidiaries, while the remainder is held by Indian shareholders. India removed a cap on foreign stakes in the telecom industry in July. Once Vodafone gets full control, it will consider investing additional cash through share subscriptions, the company said.

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